Bips & Pieces
Vale Scoops Up USD1.5bn in Cross-Border Bond Outing
Vale Overseas, a special purpose vehicle set up and owned by Brazilian mining giant Vale, raised USD1.5bn in the international capital markets this week.
8 Jul 2020
Deal with Bondholders Clears Path for Ecuador to Restructure USD17.4bn in Debt
The Republic of Ecuador has reached a preliminary deal with the its largest creditors, paving the way for the country to restructure nearly USD17.4bn in sovereign bonds.
7 Jul 2020
COVID-19 Sets Per-Capita Income in Sub-Saharan Africa Back by Nearly a Decade – IMF
Growth in Sub-Saharan Africa (SSA) is set to contract by twice the amount previous forecast in April, according to the latest IMF estimates, with per-capita income across the continent falling to levels not seen in nearly a decade.
2 Jul 2020
Jordan Raises USD1.75bn Through Dual-Tranche Bond Sale as Economic Reopening Continues
The Hashemite Kingdom of Jordan raised USD1.75bn through the sale of five and 10-year notes in international markets this week.
1 Jul 2020
Non-Financial Corporates Overtake FIs as Largest Green Bond Issuers in China, CBI Data Shows
The volume of green bonds issued from China domestically and offshore rose 33% year on year to USD55.8bn in 2019, with the issuer base diversifying to see a greater share of non-financial corporates taking the plunge into the asset class.
1 Jul 2020
South Africa’s Eskom Explores Local Sukuk Issuance to Plug Yawning Financial Gap
South African state-owned utility Eskom may look to issue sukuk in a bid to raise funding in the local market, according to a tender document.
30 Jun 2020
South Africa’s Emergency Budget Faces Credibility Challenge, Analysts Say
South Africa’s emergency budget tabled by Minister of Finance Tito Mboweni this week spelled out a number of “difficult decisions” for the country but made few, raising yet more credibility concerns around one of the region’s largest economies.
25 Jun 2020
Moody’s: Coronavirus to Sharpen Focus on Credit-Relevant ESG Factors
The coronavirus pandemic is likely only to intensify focus on environmental, social, and governance (ESG) factors as investors scrutinise governments’ and companies’ preparedness for global risks including and beyond public health emergencies, Moody’s analysts say.
24 Jun 2020
Turkey-Euroclear Deal Could be Game Changer for Local Market Liquidity, ING Says
A deal that will see Turkish lira-denominated government bonds become Euroclearable in July could be a game changer for the country’s debt markets, analysts at ING believe.
19 Jun 2020
Korean State-Owned Lender Raises USD500mn in COVID-19 Response Social Bonds
Industrial Bank of Korea (IBK) took to the markets this week to raise USD500mn in social bonds, with the proceeds targeted at funding COVID-19 response measures.
16 Jun 2020
Rwanda Secures Additional USD111mn from IMF to Tackle COVID-19 as Pandemic Costs Mount
The IMF has agreed to provide Rwanda with an additional USD111.06mn in financial support to help the East African nation tackle the mounting costs of the coronavirus pandemic.
12 Jun 2020
Brazil’s Infrastructure Ministry Launches Region’s First Green Bond Rail Funding Programme
Brazil’s Ministry of Infrastructure has launched a green bond programme that will see the proceeds used to finance transport projects throughout the country, a first for the region.
11 Jun 2020
IMF Green-Lights USD5bn Standby Arrangement for Ukraine, a Key Milestone Amidst a Long-Awaited Turnaround
The IMF has approved a USD5bn funding programme with Ukraine following the passage of a series of reforms aimed at the country’s banking and agricultural sectors, an important milestone in the country’s bid to regain a strong economic footing after years of turbulence.
10 Jun 2020
SWPC, Metito-Led Consortium Closes USD245mn Funding for KSA’s First Independent Sewage Treatment Plant
Saudi Water Partnership Company (SWPC) and a consortium led by the Metito Group reached financial close this week on a USD245mn independent sewage water treatment plant (ISTP), the first of its kind in Saudi Arabia.
5 Jun 2020