Africa
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A decade after the Arab Spring erupted in Tunisia, the country has found itself once again in the throes of a political crisis, sending shockwaves through investors. The president’s abrupt seizing of executive power — which some have labelled a coup — poses yet another challenge for the country, though some said there may be buying opportunities on the horizon. -
Bond market participants are eagerly anticipating a trade from Nigeria in the coming weeks, which would be the seventh sub-Saharan African sovereign new issue since the start of the year, with issuers making the most of the hunger for high yielding credits.
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The Republic of Benin launched its debut SDG (Sustainable Development Goals) bond in its second international offering of the year, following a two year hiatus. Market participants say although deals like Benin’s are getting over the line, concerns are brewing over the sustainability of high yield sovereigns tapping investors so freely.
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South Africa, historically one of the continent’s most favoured issuers, has come under intense investor scrutiny as it faces a wave of domestic unrest.
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The Republic of Benin plans to be the first sub-Saharan African sovereign to tap the international bond market twice in 2021. The sovereign this week intends to sell a bond with a sustainability feature, making it one of the first in the region.
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Simon Denny, whom Barclays hired as head of banking for South Africa in 2019, is no longer with the firm.
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As the debate over emerging market debt restructuring rages on, market participants have expressed their frustration at the lack of clarity over the outcomes.
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The London branch of South African lender Investec has successfully debuted in the sustainability-linked syndicated loan market.
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Turkey, Cameroon and Latvia all entered international bond markets on Wednesday. Investors said the sovereigns are rushing to secure funding while conditions are still positive, amid the anticipation of rate rises.
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Several FIG issuers across CEEMEA entered bond markets to raise cash this week. Meanwhile, the pipeline for bank issuance is strong as issuers take advantage of attractive market conditions to bolster reserves.
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Emerging market investors took the US Federal Reserve’s indication on Wednesday that it would hike rates in 2023 in their stride, allowing Kenya to come to the bond market on Thursday.
