Africa

The Republic of Tunisia printed a tight €700m 6.375% 2026 bond on Wednesday from a book of nearly €2bn. A syndicate manager away from the deal said it was a good demonstration of the enthusiasm for emerging market credit.

The Natural Disaster Fund, backed by the UK government, has a first option to subscribe to a small catastrophe bond to be issued by the Danish Red Cross, which conveys volcano risk.

The initial guidance for the Reg S/144A deal was put out at 6.875% area on Wednesday morning in London.

Ghana Cocoa Board, known as Cocobod, is likely to close its annual loan refinancing in September, and bankers expect it to have tight margins.

The Republic of Tunisia does not finish its roadshow until Tuesday 9 July, but after a 100bp rally in its euro 2024s since the start of June and strong roadshow meetings so far, a seven year — the longer end of the planned tenor for the benchmark bond — looks to be on the cards.

The Republic of Tunisia does not finish its roadshow until Tuesday, but after a 100bp rally in its euro 2024s since the start of June and strong attendance at the roadshow meetings so far, a seven year — the longer end of the planned tenor for the benchmark bond — looks to be on the cards.

Egyptian General Petroleum Corporation (EGPC), a frequent borrower in the loan market, launched syndication for a $400m five year term loan on Tuesday. The loan, which will have a government guarantee, is expected to attract healthy demand.

GlobalCapital has launched its poll to determine the 2019 winners of its Sustainable and Responsible Capital Markets Awards. Market participants are invited to participate.

The loan, which marks Absa's return to the syndicated loans market after a decade, demonstrates healthy demand for the South African bank, despite the question marks surrounding credit risk in the country.

The £540m IPO of Airtel Africa, the African division of India’s Bharti Airtel, has been priced at 80p, the bottom of the initial range, following a $100m anchor order from an existing investor, according to a source close to the transaction.

South Africa’s Absa Bank is expected to close its loan syndication by the end of this week, as an abundance of liquidity in the loan market, as well as healthy investor appetite for bank debt, causes pricing compression.

Ghana Cocoa Board, the central organisation for Ghana's cocoa industry, is in the process of raising $1.3bn to refinance existing debt.