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The Daily Roundup

ReNew Power Ventures issues fresh green bonds – Angola launches real time Treasury bond trading platform – Turkey to issue up to US$8bn in bonds – Cabei mandates banks for debut kangaroo bond – Kuwait’s NIG plans KWD25mn bond – Bahrain in talks over sukuk issuance – CBN denies Heritage Bank distress reports

Nov 17, 2016 // 6:18PM

India's ReNew Power Ventures raised Rs500 crore (US$74mn) through the issuance of 5-year green bonds to finance wind energy projects in the Dhar and Ujjain districts of Madhya Pradesh, central India. The company has so far raised US$1.1bn for the development of renewable energy projects since 2011.

Angola’s Finance Minister Archer Mangueira has said the country launched a platform enabling real-time trading of Angolan Treasury Bonds, a move aimed at increasing liquidity and savings in the country. The platform will be managed by the Angolan Debt and Securities Exchange (Bodiva). The Ministry also set up a central securities clearing house responsible for custody, clearing and settlement of securities traded on the platform.

Turkey looks set to issue up to US$8bn in fresh bonds next year, according to a prospectus registered with the US SEC and seen by Bonds & Loans. No banks have been formally mandated to manage the sale.

Central American Bank for Economic Integration (Cabei) has mandated Daiwa and Deutsche Bank for a debut A$50m (US$38mn) 10-year Kangaroo bond. The notes are being marketed at asset swaps plus 180bp.

The Kingdom of Bahrain is currently in talks with lenders over a benchmark-sized Islamic bond that could be issued as early as Q1 2017, according to Reuters. The Kingdom raised US$500mn through a privately placed sukuk in May this year, and another US$2bn through a conventional bond launched in October. The country has US$5bn in debt maturing in 2017.

Kuwait's National Industries Group’s (NIG) is planning to issue KWD25mn (US$82mn) in new senior debt and asset backed bonds. The bonds will pay 2.25% over the CBK discount rate. Ahli Capital Investment Co KSCC (ACIC), a subsidiary of Al Ahli Bank of Kuwait KSCP (ABK), will act as the lead manager and subscription agent. Al Ruwaiyeh & Partners (ASAR) is the legal advisor to the lead manager and subscription agent, and Al Hossam Legal (Al-Turqi & Partners) will act as legal advisor to the issuer.

Qatar's Doha Bank has reportedly mandate banks ahead of a bond issuance that sources suggest is likely to range between US$400mn and US$500mn.

The Central Bank of Qatar has reportedly cancelled a QAR3bn (US$825mn) bond sale this week due to banking liquidity concerns. The CBQ aimed to sell notes in 3, 5, 7, and 10-year tranches.

Zambia's Central Bank left its policy rate unchanged at 15.50%, but made it easier for commercial banks to access liquidity due to disinflation. The Bank said future rate changes will be guided by inflation outcomes and forecasts as well as progress on fiscal consolidation.

Namibia is looking to build a new 70,000 m3 water desalination plant in Erongo Region under a public-private partnership (PPP) as the country nears the finalisation of key PPP legislation. The Ministry of Agriculture, Water and Forestry said it is currently in early discussions with German multilateral KfW Development Bank to fund a feasibility study for the project.

Nigeria's Central Bank has denied claims that one of the country's banks, Heritage Bank, is in distress. The statement comes as NPLs continue to rise among the country's 21 banks, with many closing branches and implementing workforce reduction measures.

The Monetary Authority of Singapore (MAS) is to test how it could issue digital currency using a blockchain-based interbank payment system. The Development Bank of Singapore, HSBC, Bank of America, JPMorgan, Credit Suisse and Bank of Tokyo-Mitsubishi are all said to be participating in the trial.

The Philippines’ economy grew at its fastest pace in three years last quarter, with GDP rising 7.1% year-on-year, and up 1.2% from the last quarter, the Philippine Statistics Authority announced on Thursday.

Russia has added social network LinkedIn to its internet blacklist, requiring Russian internet providers to block access to the site, according to communication watchdog Roscomnadzor. The move comes two years after Russia passed a law mandating that all foreign internet companies store Russian users’ personal data on servers based in the country.

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