Africa

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.

African Export-Import Bank has mandated banks for a Reg S/144A dollar five to 10 year bond with a deal that could be twice as long as its last outing. It well test investor appetite for the deal next week.

IHS, an African telecoms provider, is returning to the bond market to take advantage of excellent market conditions and refinance its outstanding 2021 bond.

Lagos-headquartered Africa Finance Corporation (AFC) has debuted in the Samurai loan market, raising a $150m-equivalent loan from a consortium of Japanese lenders. The deal is one of two Samurai loans signed by African borrowers in recent weeks.

The dual currency $303m-equivalent loan, which marks Africa Export-Import Bank's (Afreximbank) second entry into the market, is the largest ever Samurai loan raised by an African issuer.

Global investment banks are working with sellers in emerging and frontier markets on private equity solutions to avoid having to brave volatile public markets.

The Republic of Mozambique has released a consent solicitation for its outstanding $726.5m 10.5% 2023s, which a bondholder group representing 68% of the notes has said they will accept, hoping that this will draw a line under the Ematum tuna bonds saga that has plagued the country since their issue in 2013.

BCME Bank, one of the largest banks in Morocco, has raised Dh1bn ($103m) by selling new shares on the Casablanca Stock Exchange.

A number of highly anticipated emerging market IPO issuers are understood to have shifted listing plans to next year instead of the last quarter of 2019.

Omnia Holdings, the South African chemicals company, has fixed the terms for its R2bn ($136m) rights issue to reduce debt, after securing underwriting from its top shareholders.

Australian potash company Danakali will raise a $200m credit facility from lenders in Africa. The syndicated facility will go towards funding the planned Colluli potash project in Eritrea.

In an otherwise barren summer week for equity block trades in Europe, UBS led the sale on Thursday night of R1.4bn ($95.4m) of stock in Mondi, the Anglo-South African paper and packaging company, on behalf of a group of shareholders left out of a recent reorganisation of Mondi’s listing.