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  • The Black Sea Trade and Development Bank printed its first bond denominated in Azerbaijani manat last week, raising Am10m ($5.9m) with an auction of a two year bond.
  • Corporate borrowing activity is expected to be sustained throughout the second half of the year as borrowers "take advantage" of the liquidity in the loan market. The expectation comes in the aftermath of two large dividend recapitalisation transactions by Polish corporates, Allegro and Żabka, in the second quarter.
  • Sibanthracite to switch loan from dollars to euros — IGT cuts size, stretches tenor of bank debt — Keywords hits power up on revolver — Resolute turns to lenders to refi M&A debt — Future taps revolver for Smartbrief buy — Fraport enters the Schuldschein market for more
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    The US Federal Reserve delivered a 25bp rate cut as expected on Wednesday, but the signalling failed to satisfy investors desperate for more accommodative policy, causing a mild sell-off in emerging markets.
  • Hungarian gas and oil company MOL has extended part of an existing €555m revolving credit facility by one year, in what is one of the few sparks of activity in the country's syndicated loan market so far this year.
  • UBS and Citi trader Tom Hayes was jailed for 11 years for manipulating Libor. But while the trader argued that he was made a scapegoat for the financial crisis, perhaps the rate he rigged is a bigger victim.