Africa
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Egypt has reached a pivotal point in its new phase of economic development. For the fastest growing economy in the Middle East, and the biggest investment magnet in Africa, the task is to build on deep reforms to create a more business friendly environment, attract fresh investment and create meaningful jobs for the poorest Egyptians.
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South Africa made its largest ever trip to capital markets on Monday, raising $5bn across two tranches. However, the size may have been too ambitious as the bonds suffered early in the secondary market. Although they have since recovered, some investors may be deterred from jumping into the rest of the week’s slew of deals. -
Standard Bank is set to raise at least $500m by the end of the year, the latest in a series of loans raised by South African banks in the past few months. The deal is expected to have tighter margins than its previous deals, according to market sources.
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South Africa is back in capital markets for the first time in over a year and the first time since its ratings were placed on negative outlook by Fitch.
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The African Export-Import Bank sold its $750m 10 year bond on Tuesday from a book of around $3.35bn, with recent low supply from African issuers having helped drive demand for the deal.
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Ghana Cocoa Board (Cocobod) has closed its annual refinancing, securing a $1.3bn facility from a range of international lenders. The facility, Cocobod's second international borrowing this year, has tighter margins than last year's round, illustrating a healthy appetite for one of Africa's most frequent borrowers.
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Two UK airports set to sell US private placements - Market first as Northern Irish housing association seeks US PPs - Kernel set to secure yet another facility, as EBRD continues Ukrainian push - RMB Mauritius secures loan, months after dollar debt transfer
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IHS, the Nigerian telecom towers group, hit screens on Wednesday for a dual tranche bond. It received strong demand and the leads were able to tighten the spread and add an extra $300m to the longer tranche.
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IHS, a telecoms provider based in Nigeria, hit screens on Tuesday for a dual tranche bond. The proceeds will go to finance a tender offer of the issuer’s outstanding paper.
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Rand Merchant Bank International Mauritius (RMBIM) has secured a $400m syndicated loan from international lenders, months after a transfer of dollar debt from FirstRand Bank. The deal marks the latest in a series of loans raised by South African banks this year.
