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The Daily Roundup

Egypt looking to borrow up to US$500mn from Indonesia in Q1 2017 – Indian banks receive large deposits following ban on high-denomination notes – Tinkoff Bank’s credit rating upgraded to BB- stable by Fitch – Nigeria’s DMO shortlists banks for US$1bn Eurobond – IMF approves US$12bn loan to Egypt – Indian ministry planning US$375bn worth of investments into road, transport and shipping sectors by 2019

Nov 14, 2016 // 11:06AM

Egypt is in talks with Indonesia over borrowing up to US$500mn by the end of Q1 2016, according to a Finance Ministry source speaking to Daily News Egypt.

Indian banks have received INR3tn (US$44.4bn) in deposits in the first four days since the introduction of a ban on high-denomination notes.

Fitch Ratings has upgraded Tinkoff Bank's credit rating from B+ to BB- with a stable outlook.

Nigeria's Debt Management Office (DMO) has shortlisted banks for a US$1bn Eurobond sale that will happen this year according to a source speaking to Reuters. The country already has US$500mn of commitments for the bond. Although the shortlisted banks have not been named, Citibank and Deutsche Bank have managed previous Nigerian sovereign transactions.

The IMF has approved a US$12bn 3-year extended fund facility (EEF) to Egypt, which will be re-payed over 10 years at an interest rate of 1-1.5%. US$2.75bn will be disbursed immediately to the Central Bank of Egypt, with the remaining funds being provided over a 3-year period, according to Daily News Egypt.

India's Road, Transport and Shipping Ministry is targeting US$375bn worth of investment into the sector by 2019.

Fitch Ratings has upgraded Ukraine's sovereign credit rating from CCC to B- with a stable outlook.

Chinese industrial production rose 6.1% year-on-year in October, at the same pace as in September according to the National Bureau of Statistics of China. Market expectations were for a 6.2% gain according to Trading Economics.

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