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Morning Commentary: Islamic Development Bank eyes deal; Zambia improves 20-30 bps; Namibia widens
By Rebecca Melvin
New York, Aug. 14 – Saudi Arabia’s Islamic Development Bank was heard to have mandated banks for a $1 billion five-year note offering, representing the Jeddah-based lender’s first issuance since the end of last year when it priced $1.25 billion of five-year notes with a 2.263% yield, according to a market source.
Standard Chartered Bank, HSBC, Natixis and Gulf International Bank were heard to be the bookrunners for the new Islamic Development Bank deal, but further details weren’t immediately available.
In addition, Jordan was rumored to have approached the market about a possible notes deal, the source said.
In established issues, Zambia’s sovereign debt improved on Monday as investors were cheered by progress in the mediation process between the government and opposition, which is seen as a path forward on the road to reforms before the 2021 elections.
Meanwhile the Republic of Namibia’s sovereign credit widened, a trader said. Moody’s Investors Service downgraded Namibia’s sovereign rating to Ba1 and maintained a negative outlook.
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