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January 2017

Baltic Region Lending Firm Capitalia Issues New Secured Bonds

Non-bank Financing Firm Capitalia, ISIN LV0000801488 Issues New Secured Bonds Riga, 2016-11-08 10:16 CET (GLOBE NEWSWIRE) – Capitalia, the non-bank financing platform aimed at small businesses in Eastern Europe countries Latvia, Lithuania and Estonia, has made decision to start new secured bond emission with the subscription period until November 30, 2016. The closed bond emission [...]

US Regulator Probes Banks’ USD 850m Mozambique Tuna Bond Issuance Ahead of Restructuring

SEC Investigates Banks’ 2013 Sale of USD 850mil Mozambique Tuna Bond Offering as Country Attempts to Re-Structure Soured Debt Placement Issuance intended for country’s tuna fishing industry, but used to buy military equipment instead (WSJ) 28 December The U.S. Securities and Exchange Commission is investigating the sale of $850 million in bonds issued by Mozambique, the latest development in a scandal that is exposing the links between the country, three international banks and a defense contractor. The move by the SEC inserts the U.S. into a widening global investigation of Mozambique’s debt deals, which involved undisclosed loans and military purchases facilitated by the banks. The ISIN code for the now-challenged 2013 sovereign debt issuance underwritten by Credit Suisse Group, BNP Paribas and Russian bank VTG Group is XS09693514503. The proposed new sovereign debt issuance is a dual tranche undertaking and includes ISIN XS1391003446 for the Unrestricted Global Note and ISIN XS1391003529 for the Restricted Global Note transaction. The offering document for the proposed restructuring transaction is available via this link In 2015, global news media reported that the proceeds of the issue of the Existing Notes had been used in part to purchase defense equipment, rather than exclusively to purchase tuna fishing vessels and infrastructure operated by the state-owned corporation Empresa Moçambicana de Atum S.A. (“EMATUM”), which engages in commercial tuna fishing, as had previously been widely reported. According to the restructured note offering, to date, EMATUM has taken delivery of 24 tuna boats and will shortly take delivery of three trimarans to support its fleet. Subsequent press reports have also called into question whether all of the proceeds of the issuance of the Existing Notes were used for authorized or appropriate purposes. Per the disclaimers within the new offering prospectus, EMATUM has experienced net losses in recent periods and therefore the Existing Notes Issuer may not be able to service the Existing Notes in current or future periods. ISIN.com is a leading provider of international securities identification number aka ISIN code assistance. From ISINs to CUSIP to SEDOLs and other reference data securities numbers, the ISIN.com team works discretely with sovereign governments and government agencies, corporate issuers and private entities in the course of offering memorandum writing, fund and company setup and ensuring Issuers conform to respective regulatory regime guidelines. Contact ISIN.com today to schedule a free consultation   In 2013, when the above-noted underwriters sold the bonds to investors for the Mozambican state-owned company, the prospectus for the issuance indicated EMATUM needed money for tuna fishing. But months later, Mozambique’s government announced that the funds had also been used to buy military equipment. Bondholders were also unaware that Credit Suisse and VTB made $1.2 billion in undisclosed bank loans to other state-owned companies for additional military purchases until The Wall Street Journal reported on the deals in April 2016. Mozambican President Filipe Nyusi recently agreed to an international audit of the deals by investigations firm Kroll, in an effort to regain access to frozen international aid. A report of the audit is expected in February, a person familiar with the matter said. Mozambique used proceeds from the bonds and loans to purchase military and maritime goods and services from firms owned by holding company Privinvest, such as French defense contractor Constructions Mécaniques de Normandie. Privinvest is owned by Lebanese businessman Iskandar Safa. At the time of the deal, Mozambique’s ruling party was in heightened conflict with opposition forces. To read the full story from the WSJ, please click here […]

Cayman Islands RFI and NRFI New Rules and Regs 2017: ISIN Update

1 January 2017-Hedge Funds domiciled in the Cayman Islands, inclusive of Cayman Islands RFI and Non-Reporting Financial Institutions (NFRI) are subject to updated rules and reporting requirements, including those that may or may not have obtained ISIN codes for respective private placement issuances.  Below summary from international law firm Maples and Calder is provided as [...]

October 2016

Reference Data and LEI codes; Legal Entity Identifier Update

25 October 2016--In the rapidly moving world of reference data, LEI codes now as important as ISIN codes, CUSIP numbers.. The Legal Entity Identifier (LEI) is a 20-character, alpha-numeric code, to uniquely identify legally distinct entities that engage in financial transactions.Below extract is courtesy of 25 Oct retrospective by Michael Shashoua, the soon-to-depart editor of [...]

Panama to Crack Down On Tax Avoidance Schemes

(WSJ) 27 October -The government of Panama has officially signed up to an international agreement to combat tax avoidance and evasion, seven months after the country became the focus of global attention with the publication of a trove of leaked documents showing that one of its law firms had created hundreds of thousands of shell [...]

Hedge Funds Square Off Against German RE Firm After IPO is Pulled

Hedge Fund investors hoping for an IPO that would enable them to cash out their stakes in IVG Immobilien, one of Germany's top property companies were not only stymied when one of the EU's biggest IPOs of the year was pulled by IVG and it's underwriting banks, those investors have since become more frustrated after [...]

Azerbaijan Corporate Issuer Update: ISIN

Azerbaijan Corporate Issuer ISIN News: SOCAR< Turanbank, Unibank, AzFinance Baku, Fineko/abc.az. 06.10.2016The secondary market of domestic currency bonds of the State Oil Company of Azerbaijan (SOCAR) with ISIN-code AZ2001019895 has been opened since 18 October in the Baku Stock Exchange system. The BSE informs that completion of calculations on the placement of bonds by the [...]

Brexit Implementation Scheme: RISK OFF

Brexit Implementation has no shortage of risks for the UK's financial market future.  Per excerpt below courtesy of Reuters, as the count down clock ticks, the most recent opinion from global consultancy Oliver Wyman suggests RISK OFF for financial firms contemplating expansion within Canary Wharf or any other venue that Britain's finance aficionados are eyeing.  [...]

September 2016

YES Bank Says Yes to USD 375mil Capital Raise via Private Placement

India-based YES Bank to Raise USD 375mil via Debt Private Placement in Several Tranches 28 Sept 2016 India's 5th largest private sector lender YES Bank (BSE: YESBANK, ISIN INE528G01019) announced the authorization of up to Rs 2,500 crore via several private placement tranches of long-term debt. The authorization equates to approximately USD 375mil. Last week, [...]

Newell Brands Exchange Offer: ISIN XS1389996882 and..

ATLANTA--(BUSINESS WIRE)--Newell Brands (NYSE: NWL) today announced that it has commenced offers to exchange the following senior notes first issued in a private placement 20 April 2016. (the “Exchange Offers”) up to: €271,851,000 aggregate principal amount of its 3¾% Senior Notes due 2021 (ISIN XS1389996882) (the “Exchange Euro Notes”), which have been registered under the [...]

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