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Weekly Lists
August 18, 2017 www.intellinews.com I Page 23
bne:Credit Czech GDP surprises
with turbocharged growth in Q2
Czech GDP growth accelerated to a heady 4.5% y/y in the second quarter, statisitics office CZSO reported in a flash estimate released on August 16.
While forecasts for economic growth across 2017 were raised following Q1’s robust 3%, the reading far outstripped expectations. The result – which reflected strong readings across Central & Eastern Europe – is likely to spark a sharp rise in outlooks.
While the structure of the growth will not be released until September 1, CZSO comments hint that (unsurprisingly) private consumption was likely the main driver. Household spending continues to rise on the back of the tightened labour market and wages growth.
Russia reduced its investments in US government bonds by $5.8bn in June, Interfax reported citing the US Treasury. Russia now ranks 14th among the largest holders of US Treasury bills, owning a total of $101.9bn, Vedomosti reported.
China for the first time since October 2016 became the largest holder of the US national debt, surpassing Japan. In June, China bought T-bills worth $44.3bn, while Japan sold T-bills to the tune of $22.5bn. As a result, the volume of the Chinese portfolio of US debt rose to $1.15 trillion, while the Japanese one fell to $1.09 trillion.
Turkish lender Akbank announced on August 15 that it has secured a multi-currency syndicated loan facility from international markets in the amount of $1.15bn-equivalent, comprising of $543mnn and €515mn tranches.
“The USD-equivalent of 945mn part of the loan facility has a one- year tenor, whereas the two-year tenor is for $205mn,” the lender said in a filing with Borsa Istanbul.
The all-in costs for the one-year tranches are Libor+1.35% and Euribor+1.25%, and Libor+2.20% for the 2-year tranche, the bank added.
Russia reduced its investments in US Treasuries by $5.8bn in June
Turkish lender Akbank obtains $1.15bn syndicated loan