Africa
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The head of international loan finance at South Africa's Standard Bank Group will retire after 37 years with the bank.
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Ecobank Transnational Incorporated, the pan-African bank based in Togo, has released price guidance for a $50m tap of the $500m 9.5% 2024 bond it issued in April. There has been a huge rally in those bonds since pricing. -
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Standard Bank printed a $400m 10 year non-call five tier two bond on Wednesday from a book of more than $2bn in a deal that even rival syndicate bankers called a roaring success.
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Ivory Coast will finalise a seven year loan imminently, according to bankers. The deal reflects healthy appetite for sovereign borrowing in the region.
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Kenya hit screens on Wednesday with a dual tranche bond. Investors said initial price thoughts looked generous and so the leads were able to cut the yield by more than had been expected during execution.
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Nepi Rockcastle, a Johannesburg- and Amsterdam-listed real estate fund, printed a €500m four year bond on Wednesday. In doing so, it seemed to shake off concerns about the company raised by research firm Viceroy in November, though investors still had questions during the marketing of the bond.
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The Republic of Kenya has released initial price guidance for its latest bond issue, which two emerging markets bond investors deemed generous.
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Emerging market loan volumes continue to suffer with year-to-date volumes down 60% from the same period in 2018. Global economic slowdown and the fear of trade wars, combined with the increasing appeal of the bond market, are dampening the prospects of recovery in the syndicated loan market in 2019.
