Africa

Opinion polls indicate that South Africa’s incumbent African National Congress party and president, Cyril Ramaphosa, will win the country’s hotly contested general election, held on Wednesday, with a reduced majority. Bankers expect financing business to return to normal soon, after pausing in the run-up to the election.

Gold Fields, a South Africa-headquartered mining company, sold its $1bn dual tranche bond on Wednesday at a spread that looked historically tight to comparable issuer, AngloGold. It attracted $3bn of orders despite national elections on the same day.

Two African borrowers are set to hit the road for dollar bonds, extending a run of deals from the continent after a slow start to the year.

Analysts expect the African National Congress (ANC) to win South Africa's general elections next Wednesday. Although a number of deep-rooted domestic problems have the potential to throw the country into an economic crisis, bankers expect FIs to remain "safe" in the worst of scenarios.

EPP NV, a Polish firm that owns malls and office buildings, raised over €90m of equity capital in Johannesburg on Wednesday last week.

FirstRand Bank has transferred outstanding dollar debt from one of its syndicated loans to Rand Merchant Bank International. The amendment comes amid an anticipated increase in loan activity from South African banks, which bankers are keeping a close eye on.

Gold Fields Limited, a gold producer with operating mines in Australia, Ghana, Peru and South Africa, is embarking on a roadshow to market a five to 10 year dollar benchmark.

Santander creates new sales role — Barclays origination banker leaves — Algomi co-founder helps another fintech

Ecobank launched its debut bond on April 11, but less than a week later, the price has shot up by between four and five points, prompting questions about the bond’s execution.

Ecobank Transnational, the pan-African bank based in Togo, hit screens this week for a five year dollar benchmark — its first ever bond.

The new World Bank president used his first public statement to pledge to increase efforts to ensure China was more transparent in its lending to Africa.

Urgent action is needed to attract private sector lenders to fill the shortfall in infrastructure finance and ensure low income countries meet the UN’s Sustainable Development Goals (SGDs), according to leading figures from development banks, the private sector and thinktanks.