Africa
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Ecobank Transnational, the pan-African banking group based in Togo, has set the yield for a $400m five year bond at 9.75%. The size indicated is at the lower end of the $400m-$500m range it suggested earlier in the day. -
Sibanye-Stillwater, the South African commodities miner, sold a 108.9m share block in the market on Tuesday night to solidify its balance sheet as the company continues to weather a gold workers' strike and prepares for wage talks with unions for its platinum workers.
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The Arab Republic of Egypt on Thursday printed a €2bn dual tranche euro deal with a massive negative new issue premium of 22bp on the longer bond — one of the largest ever negative concessions on an EM issue. The deal takes Standard Chartered to the top of Dealogic’s league table of CEEMEA bonds, though it is a title to be only briefly held as the Saudi Aramco jumbo bond is expected next week, which other banks are arranging.
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The Arab Republic of Egypt has released initial price guidance for its dual tranche euro bond at levels that two lead managers said were around 40bp back of its curve.
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A cluster of large pan-African companies are exploring listings on the London Stock Exchange, but many have delayed their plans because of political risk in both Africa and the UK.
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Mauritius Commercial Bank has raised a new dual tranche $800m loan after receiving commitments of over $1bn. The deal was welcomed by bankers as one of the few new money financings in the market.
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JPM securitization banker leaves — Goldman Brexiter quits for politics — Balax enrols in fintech course
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Steinhoff International continued to dispose of assets this week with a R4.8bn (€293m) sale in KAP Industrial Holdings, the South African industrial company, with the company expected to shed more holding to meet its subsidiaries' funding requirements.
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Naspers, the South African technology conglomerate cheered European equity markets this week as it announced it would list its international assets in a new company on the Euronext Amsterdam. The company said that the deal would just be a spin-off transaction but sources close to the situation are not writing off the possibility of an IPO as well.
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Investec veteran Glynn Burger is stepping down.
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Rothschild & Co has appointed Martin Kingston as executive chairman of its board in South Africa, among other personnel moves in the country.
