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Weekly Lists
April 26, 2019 www.intellinews.com I Page 29
bne:Credit
Turkey’s Treasury
to issue 5-year debt instruments worth €3.7bn to boost capital of state banks and state Islamic lenders
Russia’s central bank to keep interest rate flat, but cut seen as imminent
Turkey’s Treasury to issue 5-year debt instruments worth €3.7bn to boost capital of state banks and state Islamic lenders
Turkey’s Treasury said on April 22 it is to issue 5-year debt instruments worth a total of €3.7bn to bolster the capital of state banks and state Islamic lenders.
The government debt securities will be issued to the Market Stability and Balance Fund (PIDF), it added. The fund will sell the securities to public lenders and buy back bank bonds and provide loans to strengthen their capital.
Late on April 19, Turkish state-owned lenders Ziraat Bank and Vakifbank completed pricing of perpetual bonds worth a total €2.1bn, using a tool to strengthen capital.
At the upcoming policy meeting of the Central Bank of Russia (CBR) of April 26 the regulator is expected to maintain the key interest rate at 7.75%, the analysts surveyed by Bloomberg unequivocally believe, but a 25bp cut is expected very soon.
The CBR decided to maintain the key interest rate at 7.75% at the policy meeting of March 22, while lowering inflation guidance for 2019 and allowing for monetary easing later this year.
In the second half of 2018 sanction pressure got the CBR off the monetary easing path and it adopted a policy "better hike a little now, than much later". The regulator made two front-loaded minimal hikes of 25bp in September and December 2018.
International Investment Bank (IIB) said on April 23 it has granted a loan with a tenor of seven years to Romania’s Agricover Credit IFN, a company that finances the agricultural sector in Romania.
This is the second loan granted by IIB’s to Agricover Credit IFN. The funds will be used to support ongoing activities and for the modernisation of agricultural equipment on small and medium- sized farms in Romania, the IIB said in a statement.
“The new deal will give an additional impetus to the development
of agricultural sector, which is vitally important for the country's economy,” head of IIB lending and investment, Denis Rodionov, said.
IIB provides loan to Romania’s Agricover Credit IFN to support agricultural sector