Thu Feb 25, 2016/Reuters

The African Development Bank has priced a three-year $1 billion global benchmark due on 4 March 2019 at a coupon of 1.125 percent, the AFDB said on Wednesday.

The lead managers of the bank’s first USD global benchmark for 2016 are BNP Paribas, HSBC, JP Morgan and Nomura, the AFDB said in a statement.

(Reporting by Wendell Roelf; Editing by Tiisetso Motsoeneng)

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Tue Feb 23, 2016/Reuters

By Abhiram Nandakumar

Wall Street slipped on Tuesday, in tandem with a renewed slide in oil prices, as yet another rally failed to take off in what has been a turbulent year so far for markets.

Saudi Oil Minister Ali Al-Naimi told global energy executives on Tuesday that the kingdom had not “declared war” on rival producers, and welcomed the rise of nimble U.S. shale oil firms who will help quickly meet growing global demand.

U.S. crude was down more than 3 percent after Al-Naimi restated Saudi Arabia’s rationale for maintaining output in the face of a global glut.

The S&P financial sector .SPSY has been the worst performer among the 10 major sectors this year as banks brace for a wave of potential defaults by energy companies.

JP Morgan (JPM.N) said on Tuesday it would set aside an additional $500 million to cover losses stemming from the energy sector. Its shares were down 3.6 percent at $56.49.

“The market is still groping for direction,” said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.

“You still see this hypersensitivity to what’s going on with the price of oil and the market’s reacting on a day-to-day basis to that. It really shouldn’t, but it gives you a sense of the nervousness out there,” he said.

At 10:26 a.m. ET (1526 GMT), the Dow Jones industrial average .DJI was down 99.75 points, or 0.6 percent, at 16,520.91, the S&P 500 .SPX was down 13.67 points, or 0.7 percent, at 1,931.83 and the Nasdaq Composite index .IXIC was down 37.90 points, or 0.83 percent, at 4,532.70.

All 10 major S&P sectors were lower. Materials .SPLRCM fell 1.9 percent, while financials fell 1.5 percent. Energy stocks were down 1.15 percent.

U.S. stocks closed higher on Monday, extending last week’s gains after strong labor and inflation data. Still, the S&P 500 .SPX is down 4.8 percent this year.

Uncertainty surrounding monetary policy has also curbed investors’ appetite for risk.

Declining issues outnumbered advancing ones on the NYSE by 1,887 to 910. On the Nasdaq, 1,541 issues fell and 930 advanced.

The S&P 500 index showed six new 52-week highs and no new lows, while the Nasdaq recorded 14 new highs and 24 lows.

(Reporting by Abhiram Nandakumar in Bengaluru; Editing by Saumyadeb Chakrabarty)

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Guaranty Trust Bank Plc on Thursday announced the results of its cash tender offer in respect of its $500m Eurobond. The lender had on February opened an international tender offer for the bond.

GTBank, in a statement on Thursday, said, “As the expiration deadline for the tender offer was February 10, 2016, the deadline for tendering the securities under the offer has now passed.

“An aggregate principal amount of $126,586,000 of the securities validly tendered on or prior to the expiration deadline and not validly withdrawn was accepted. No securities were tendered through the guaranteed delivery procedures described in the tender offer memorandum dated February 4, 2016.”

According to the bank, the settlement date for the tender offer is February 16, 2016.

GTBank said the tender offer was consistent with its liability management strategy and reflected its ongoing efforts to enhance the efficiency of its funding and capital structure as it sought to reduce its overall funding costs.

The Managing Director, GTBank, Mr. Segun Agbaje, was quoted as saying “We are pleased at the outcome of this exercise. The offer, which is the first of its kind involving a Nigerian corporate in the international financial markets, has enabled us to achieve the objective of reducing some of the bank’s borrowing costs ahead of the maturity of the Eurobond in May of this year.

“The tender result is also a testament to the strength of the bank’s credit in the international capital markets. It is gratifying and humbling at the same time to note this level of investor confidence in the bank.”

JP Morgan and Morgan Stanley acted as the joint dealer managers for the offer, while Lucid Issuer Services Limited acted as tender agent and information agent.

Culled—–Punch

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