Africa Loans

Investec Bank signed its third and fourth syndicated loans of the year last Friday, and held a bank meeting this week for its fifth loan. The bank plans to stick to smaller, more regular loans in a volatile environment for emerging markets.

Nigerian loans have given an underwhelming performance this year, but deals from Ecobank, FCMB, Skye Bank and Stanbic IBTC will test the mettle of the market.

Angola’s national oil company Sonangol launched its $1bn loan into general syndication last week, after offering the deal to senior lenders in August.

The Kenyan government will launch into general syndication a loan that could raise $750m in the next couple of weeks, according to a lead banker.

Angola’s national oil company Sonangol launched its $1bn loan into general syndication last week, after offering the deal to senior lenders in August.

South Africa’s FirstRand Bank is in the market for its second loan of the year, while fellow South African firms Investec and Naspers are due to close deals soon.

Nigerian banks FCMB and Ecobank are in the market to refinance syndicated loans, although Ecobank comes behind schedule as its loan is about to mature.

Naspers, the South African media group, is amending and extending a $2.25bn five year loan led by Barclays and Citi, having issued its largest ever bond for $1.2bn in the summer.

Investec is looking for two syndicated loans totalling $530m, one for its South African business and the other for its London arm, according to bankers on the deal.

In Stanbic Kenya’s latest $155m loan, the bank tightened pricing by 5bp for the two year tranche compared to what it paid last year.

Stanbic Kenya included its first ever three year tranche as it signed a $150m loan in Dubai today (Monday), after increasing the deal from $100m.

Standard Bank is planning a loan for Stanbic Nigeria, its third loan for a subsidiary following deals it completed for Stanbic Kenya and Stanbic Zambia in recent weeks.