Africa Loans

The Egyptian loan market is showing signs of recovery with deals from Banque Misr and National Bank of Egypt in recent months. Bankers say there is more to come in 2016.

Egypt’s Banque Misr signed its $250m three year loan on Sunday with five lead banks.

Ghana National Cocoa Board (Cocobod) is in the market for a three year club loan, after signing its annual $1.8bn one year loan refinancing in September.

Zesco, the Zambian state-owned power firm, is syndicating a $122m seven year loan, part of which is guaranteed by US government agency USAID.

Eqypt’s Banque Misr is finalising a $250m three year loan and will sign on Sunday, according to a banker close to the deal.

South Africa’s FirstRand Bank will sign its $225m loan next week, according to a banker close to the deal.

Lead bankers are finalising allocations for Kenya’s $600m sovereign loan and expect it to grow from its initial size.

Nigeria’s Ecobank signed its $170m loan refinancing on Monday, the deal pays 1% more than the previous loan and has attracted four new lenders, despite a meagre showing of Nigerian deals this year.

Kenya will issue its second infrastructure bond next week, said the governor of the Central Bank of Kenya, Patrick Njoroge.

The Development Bank of Southern Africa is tightening ties with Japanese lenders in pursuit of cheaper funding, having signed a $250m loan with Japanese banks earlier this year.

Stanbic IBTC, the subsidiary of Standard Bank also known as Stanbic Nigeria, signed its debut syndicated loan on Wednesday with a mostly Middle Eastern syndicate.

Kenya is offering to pay a margin 45bp higher than on its last loan, signed in 2012, as it syndicates a new $600m two year financing. The loan is drumming up strong interest.