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Emerging Sovereign Debt Markets NEWS Table of Contents Emerging Sovereign Debt Markets NEWS Number 47 Week 18 – 24 November 2017 Table of contents ASIA ................................................................... 2 Sri Lanka PM appears before bond probe panel ........................................................ 8 China ............................................................. 2 EUROPE .............................................................. 9 China to sell 7 bln yuan dim sum bonds in Hong Kong next week ............................... 2 Albania .......................................................... 9 China's bond squeeze could spread Albania to sell 1 bln leks (7.4 mln euro) of offshore .................................................... 2 7-yr T-notes .............................................. 9 China announces details of dim sum bond Bosnia ........................................................... 9 sale due next Thursday ............................. 3 IMF says Bosnia must carry out stalled India .............................................................. 3 reforms to keep loan programme ............. 9 Indian bond yields fall after central bank Croatia ......................................................... 10 cancels open market sale of debt.............. 3 Croatia to issue new six-year local bond 10 Moody's upgrade boosts already growing Croatia opens books for new local bond . 10 confidence in Indian debt ......................... 4 Croatia to issue six-year domestic bond . 10 Indian rupee swings up, bonds trim losses on market talk of S&P ratings upgrade ..... 5 Croatia raises 5.8 bln kuna (766.9 mln euro) in 2023 domestic bond .................. 10 India RBI Switches 100 Billion Rupees Of Bond Maturing In 2018-19 ........................ 5 Czech Republic ............................................ 11 India Bond Traders Expect Tepid Demand Czechs to auction up to CZK 12 bln worth At Auction Post Switch ............................. 5 of bonds in December ............................. 11 Indonesia ...................................................... 5 Czech government sees bigger fiscal surpluses, debt fall each year until 2020 11 Indonesia sells 5.95 trillion rupiah of Islamic bonds ........................................... 5 Hungary ....................................................... 11 Lebanon ......................................................... 6 Hungarian central bank provides EUR 240 mln worth of 12-month fx swaps ............ 11 Lebanon issues $1.7 bn eurobonds in debt swap with central bank............................. 6 Hungary central bank says ready to buy longer-maturity mortgage bonds ............ 11 Lebanon's dollar bonds gain, CDS fall as Hariri suspends resignation ...................... 6 Macedonia ................................................... 12 Pakistan ........................................................ 6 Macedonia to sell 650 mln denars (10.5 mln euro) of 15-yr T-bonds .................... 12 Pakistan searches for new finance minister after Dar relieved of duties ......... 6 Poland ......................................................... 12 Philippines ..................................................... 7 Poland's finance ministry places 300 mln euros worth of Eurobonds ...................... 12 Philippines mandates BOC for Panda bonds ........................................................ 7 High spending may expose Poland to painful fiscal adjustment ........................ 12 Philippines posts $431 mln budget deficit in Oct ........................................................ 7 Poland sells 4.0 bln zlotys worth of bonds at tender ................................................. 12 Saudi Arabia .................................................. 7 Romania ...................................................... 13 Saudi state budget deficit shrinks nearly 10 pct in third quarter .............................. 7 Romania sells planned 200 mln lei (43 mln euro) of 2021 T-notes ...................... 13 S&P says ratings on Saudi Arabia affirmed at 'A-/A-2'; outlook stable ........................ 8 Serbia .......................................................... 13 South Korea ................................................... 8 Serbia sells 50 mln euro of 5-yr T-bonds, yield drops .............................................. 13 South Korea's Q3 short-term external debt burden hits record 31.1 pct............... 8 Slovakia ....................................................... 13 South Korea to sell 4.6 trln won T-bonds Slovaks raise 2037 bond sale to EUR in December ............................................. 8 106.5 mln after top-up round ................. 13 Sri Lanka ....................................................... 8 Turkey ......................................................... 13 PDM Network Weekly Newsletter on Emerging Markets For information, contact the PDM Network Secretariat at: [email protected] Follow us on Twitter @pdmnet and on our website wwwpublicdebtnet.org 1 Turkish sovereign and bank bonds slide as Namibia ....................................................... 19 political pressure rises ............................ 13 Fitch Downgrades Namibia to 'BB+'; LATIN AMERICA AND CARIBBEAN .................... 14 Outlook Stable ........................................ 19 Fitch: Rising Lat Am, Carib Catastrophe Namibia's president says won't seek IMF Costs Pose Fiscal Risks ........................... 14 or World bank bailouts ........................... 21 Argentina ..................................................... 14 Nigeria ......................................................... 21 Argentina says Oct primary deficit shrank Nigeria launches US$3bn dual-tranche to $1.84 bln ............................................ 14 bond ....................................................... 21 Barbados ..................................................... 14 Rwanda ....................................................... 21 IMF Staff Completes 2017 Article IV Rwanda raises 10 bln francs with 7-year Mission to Barbados ................................ 14 Treasury bond ........................................ 21 Suriname ..................................................... 16 South Africa ................................................. 21 Moody's places Suriname's B1 rating on Fitch Affirms South Africa at 'BB+'; review for downgrade ............................. 16 Outlook Stable ........................................ 21 Venezuela .................................................... 16 Ratings cut? South Africa's local bonds already trade as junk .............................. 23 As many Venezuela bondholders stampede, some joust for advantage ...... 16 Zambia ........................................................ 24 Venezuela bondholders look to form Zambia moves to slow down debt alliances under restructuring limbo ........ 17 accumulation as it seeks IMF aid ............ 24 AFRICA ............................................................. 18 Zimbabwe .................................................... 25 Algeria ......................................................... 18 Zimbabwe's economic situation "very difficult" ................................................. 25 Algeria should pay debts owed to foreign and local firms ........................................ 18 GLOBAL ............................................................ 25 Chad ............................................................ 18 Sovereign funds pull $3.7 bln from global stock, bond markets in Q3 ...................... 25 IMF credit to Chad delayed over Glencore oil debt ................................................... 18 Please note: The information contained herein is selected by the PDM Network Secretariat from and is provided as a service to Subscribers. is considered to be a reliable source. However, the Secretariat cannot guarantee the accuracy of information reported and is not responsible for any opinions expressed and data enclosed. Phillips) (( [email protected] ; +852 2843 ASIA 6587; Reuters Messaging: [email protected] )) China China's bond squeeze could spread China to sell 7 bln yuan dim sum bonds offshore in Hong Kong next week 24-Nov-2017 22-Nov-2017 By Pete Sweeney HONG KONG, Nov 22 (Reuters) - China's HONG KONG, Nov 24 (Reuters Breakingviews) - Ministry of Finance said on Wednesday it It is time to start worrying about Chinese planned to sell 7 billion yuan ($1.06 billion) bonds. Tightening regulation has provoked a dim sum bonds in Hong Kong next week. sharp selloff in the $9 trillion fixed-income The finance ministry has issued dim sum bonds market, with collateral damage to share. If stress is sustained, it could infect China‟s in Hong Kong annually since 2009 to boost the giant pile of foreign-currency debt. development of the offshore market. It sold the Anxiety has been increasing all year, as first batch of this year's offshore yuan bonds, President Xi Jinping takes a tougher line on worth 7 billion yuan, in June. financial risk. Regulators have suppressed The second batch will be sold to institutional techniques abused by speculators, such as investors, foreign central banks and monetary short-term borrowings using bond-repurchase authorities, the finance ministry said in a agreements and so-called negotiable certificates statement on its website. of deposit. This crackdown, combined with It has not specified the tenor or the exact date expectations of higher rates, had pushed up of issuance.
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