Africa

Egyptian lenders are strongly capitalised, ensuring they are well placed to build for the future. Many are now looking to deliver more of their services digitally in the future.

Commercial International Bank (CIB) is well placed to prosper, despite some challenging global conditions. CIB chairman and managing director Hisham Ezz Al-Arab explains the bank’s strategy.

Ghana Cocoa Board (Cocobod), the central organisation of Ghana’s cocoa industry, has raised its annual syndicated loan. But the borrower did not have an easy ride and had to concede much higher margins, according to bankers.

Zambia, which is asking to defer upcoming coupon payments as it seeks to restructure its debt, laid out a time frame for discussions with bondholders this week. But investors were disappointed with the lack of clarity and detail from an investor call with finance minister Bwalya N’gandu this week.

Two CEEMEA issuers, Egypt and Hungary's Mol, are in the market this week to raise funding. According to experts, issuers are eager to get their funding in before expected geopolitical and coronavirus-related volatility impacts markets.

The Arab Republic of Egypt has mandated banks to arrange its debut green bond, which will be the first sovereign green bond from the Middle East and North Africa. The deal, according to bankers, has been in the works for over a year and has been delayed by the Covid-19 pandemic.

The Kingdom of Morocco raised a €1bn bond on Thursday, which was priced wider than some analysts' fair value estimates. Market conditions, bankers said, are deteriorating ahead of expected volatility in coming months.

Zambia’s request to defer payment on $3bn of its Eurobonds is the first potential default by an African government during the coronavirus crisis. The process has been poorly managed, say sources close to the matter, throwing into doubt Zambia's chances of winning leniency, the vital first step to avoiding a messy hard default. Mariam Meskin reports.

Africa Finance Corp, the pan-African development finance institution, printed its first green bond on Monday.

Zambia has requested to defer payments on $3bn of its dollar Eurobonds, in what could be the first default by an African sovereign during the coronavirus crisis. Bondholders said they were resigning themselves to accepting the deferral request.

The Kingdom of Morocco, an infrequent emerging market issuer that some investors have been watching for, launched a euro bond on Thursday, its second in two years.

Africa Finance Corp, the pan-African development finance institution, printed its first green bond on Monday – the first in Swiss francs from a CEEMEA supranational.