Africa Loans

The African Export-Import Bank has launched its new money loan into general syndication with 12 lead banks for three tranches of two and three years.

Abu Dhabi airline Etihad Airways has launched a Schuldschein for €150m denominated in euros and dollars, the first ever for a Middle East borrower, according to one market participant.

While Access Bank safely landed its dollar Eurobond last week, the outlook for Nigerian banks seeking new loans is cloudy.

Fitch has removed Afreximbank from rating watch negative, partly because of its “excellent” risk mitigants, as the development bank continues to arrange a loan of at least $750m.

The Eastern and Southern African Trade and Development Bank (PTA) lowered the margin on the two year tranche of its $400m refinancing and added a three year clip for the first time.

African Export-Import Bank is close to announcing the lead banks in its $750m loan, in a deal which will have a large top tier, according to one banker.

The Eastern and Southern African Trade and Development Bank (PTA) completed its loan refinancing last week and grew the deal from $320.5m to $400m in syndication after strong support from lenders, according to a lead banker.

After a slow start to the week, emerging market investors were offered a smorgasbord of options as borrowers from four continents and across the credit spectrum launched bonds in dollars and euros.

Ghana Coco Board (Cocobod), which oversees the processing and marketing of cocoa in the African country, has named the 23 international lenders providing its yearly loan of $1.8bn.

Bank ABC and Credit Suisse are leading the syndication of a €195.5m loan for Tunisie Telecom's acquisition of a majority holding in Maltese telecoms firm GO, according to a banker close to the deal.

Stanbic Bank Uganda this week decreased the size of its loan refinancing to $55m. Weaker appetite for dollars from Ugandan corporates and a prospective US rate hike were reasons for the smaller deal, the bank's CFO told GlobalCapital.

Nigerian banks may have to pay at least 6% for one year loan funding, according to two bankers, as a number of the country's financial borrowers face maturing deals in the fourth quarter.