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Weekly Lists
April 12, 2019 www.intellinews.com I Page 30
bne:Credit
Turkey's Eximbank obtains $630mn syndicated loan
Turkey’s Eximbank has obtained a $630mn syndicated loan on the international markets in two tranches with maturities of one year and two years, respectively, Turkish Trade Minister Ruhsar Pekcan said on April 9 in a press release.
Part of the loan, namely $184mn worth, was denominated in US dollars while the remaining €398mn was denominated in euros. The two-year tranche is worth $84mn. The costs on the one-year tranche stood at Libor+2.75% and Euribor+2.65%, lower by 20bp compared to a syndicated loan signed last October, according to the statement.
The loan was obtained from a consortium of 10 lenders from Europe, four lenders from the Far East and six lenders from Gulf, led by Mitsubishi UFJ Financial Group (MUFG).
Romania’s exports increased by 8.0% y/y to €5.89bn in February, returning to a robust growth rate after their sluggish performance over the previous three months.
Concerns Romania's foreign trade deficit remain relevant, however, despite the positive messages conveyed by automakers Dacia and Ford, Rompetrol Rafinare refinery and other major exporters.
Furthermore, the import and deficit figures consolidate expecta- tions for an imminent exchange rate re-alignment toward a weaker local currency.
Imports kept rising faster than exports, by 11.1% y/y to €7.04bn, in Belarus’ state development agency, the Development Bank of Belarus (DBB), is going to issue a five-year, US dollar-denominated Eurobond and may also consider issuing a three-year Eurobond in Belarusian rubles, a financial market source told Reuters on April 8.
DBB has mandated Citi and Raiffeisen Bank International as joint bookrunners to arrange a series of fixed income investor meetings in Europe and the United States starting on April 10.
Belarus tapped the international debt market in February 2018 with a new $600mn issue of 12-year sovereign Eurobonds with 6.2% coupon.
In February, Minsk said it is going to borrow $700mn via Eurobonds in foreign markets by the end of the year with the aim of being able to repay its debts. Belarus also seeks to raise up to RUB30bn ($466mn) via bond placements in Russia in 2019-2020, according to a special resolution of the Belarusian government published on March 19.
Foreign trade deficit drives further currency weakening in Romania
Belarus state development agency to place Eurobond