* Sluggish growth and political and trade uncertainties as risks for financial institutions across emerging markets in 2020, Moody's said, noting that slower economic activity could lead to a more challenging business climate. The agency said the overall negative outlook on emerging European, Middle Eastern and African economies is driven by tough operating conditions. Meanwhile, banks in emerging EMEA economies carry a negative outlook, including the banking sectors in Turkey, Nigeria and South Africa.
* U.K.-based investment firm CDC Group PLC is aiming to double its portfolio size in Africa with an additional £2 billion investment in local businesses over the next two years. The company said it agreed to a $100 million trade finance loan with South African bank Absa Group Ltd. and inked a memorandum of understanding to commit $100 million to Commercial International Bank (Egypt) SAE. It also signed a $75 million trade finance deal with Burundi-based Eastern and Southern African Trade and Development Bank.
* Africa-focused payments firm Flutterwave Inc.
* Fitch Ratings affirmed the B/B long- and short-term issuer default ratings of United Bank for Africa Senegal SA
GULF COOPERATION COUNCIL
* Kuwait Finance House KSCP
* Kuwait-based Unicap Investment and Finance Company KSCP
* Abu Dhabi-based Shuaa Capital PSC
* Dubai-based Mashreqbank PSC
* Saudi Arabia began marketing U.S. dollar-denominated bonds, according to a document seen by Reuters. A first tranche of the bonds has a seven-year maturity with an initial price guidance of about 110 basis points above the U.S. Treasurys benchmark, while a second tranche has a 12-year maturity initially priced at 135 basis points above the benchmark. A third 35-year tranche was initially priced at 180 basis points above the benchmark. Each tranch is expected to be of benchmark size of at least $500 million.
* Qatar Islamic Bank QPSC issued $650 million in five-year Formosa sukuk under its $4 billion trust certificate issuance program. The bonds are listed on both the Taipei and Irish stock exchanges, it noted.
* GFH Financial Group BSC
REST OF MIDDLE EAST AND NORTH AFRICA
* Lebanon formed a new government coalition led by Hassan Diab as prime minister following months of mass protests that have led to a financial and economic crunch, news outlets including Reuters and The Wall Street Journal covered. Ghazi Wazni, who was named finance minister, said the new government requires foreign aid to steer the country through the crisis, Reuters wrote.
* The union of exchange dealers in Lebanon and the central bank agreed to set the maximum rate for foreign exchange at 2,000 Lebanese pounds to the U.S. dollar, effective today, Reuters reported.
* Capital Intelligence Ratings affirmed the B+/B long- and short-term foreign-currency ratings of Jordan-based Housing Bank for Trade & Finance.
* Tunisia's central bank launched a regulatory sandbox for financial technology firms to help determine ways it should change regulation, according to Il Boursa. During the launch, Minister of Communication Technologies and Digital Economy Anouar Maârouf said a 100% digital branchless bank is set to enter the country this year, Tunis Afrique Presse reported.
EAST AND WEST AFRICA
* Agricultural Development Bank Ltd.
* Ghana-based Bayport Savings & Loans named Francis Wood its new chairman, Citi Business News reported. Wood has been the company's substantive chairman since September 2019 following the departure of Kwame Pianim.
* Members of the Nigerian Insurers Association has called on the National Insurance Commission to help them meet capital requirements by lowering the cost of a recapitalization exercise, Business Day wrote.
CENTRAL AND SOUTHERN AFRICA
* Moody's lowered the long- and short-term issuer ratings of Land & Agricultural Development Bank of South Africa
IN OTHER PARTS OF THE WORLD
Asia-Pacific: Australian P2P lender eyes IPO; local governments lead Baoshang Bank rescue
Europe: UBS revises targets as FY'19 profit falls; JPMorgan speeds up Brexit plans
Latin America: Caixa, Icatu strike partnership; stable outlook for LatAm banks
North America: Michigan CUs join forces; Goldman in South Africa; Currenex buyers wanted
Global Insurance: Australia ice and fire; airline insurance prices up; pet insurance market growth
Deza Mones, Henni Abdelghani, Pádraig Belton and Helen Popper contributed to this report.
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This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.