Africa
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Sappi, the South African paper company, succeeded in issuing its €450m seven year non-call three year bond on Tuesday at a coupon that will save it money, compared with the bond it is replacing. -
High yield bond issuance in Europe is perking up, with several deals being marketed or just about to be launched. Beginning its roadshow on Monday was Sappi, the South African paper company, which wants to issue €450m to replace an older bond; starting on Tuesday is French car parts group Faurecia, seeking €500m.
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Anglo American, the South African mining company now headquartered in London, returned to the sterling bond market after an 11 year absence on Wednesday, the day after an upgrade by Standard & Poor’s to BBB (stable), and two days after a parallel raise by Moody’s.
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Credit Suisse has appointed Julian Corner as head of advanced execution services for EMEA, effective immediately, according to an internal memo.
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Egypt’s triple tranche $4bn bond drew a huge book of over $19.5bn on Tuesday in a deal that bankers away from the mandate said was a huge success, underscoring the phenomenal market conditions available to issuers.
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Middle East issuers are expected in the bond market in droves, with Egypt and Mashreqbank leading the charge this week.
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The Arab Republic of Egypt has released initial price guidance for its triple tranche bond at levels that have caught investors’ attention. A large deal is expected.
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A number of top tier South African banks are expected to hit the loan market in the coming months, and bankers are welcoming what are some of the most attractive credits on the continent. But the country faces a number of dilemmas, which threaten to thump its credit ratings, writes Mariam Meskin.
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The Kenyan sovereign is in talks with banks to refinance a $1bn term loan set to expire in March.
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Chinese state banks take a lot of criticism for the amount of lending they do in Africa. But what the detractors fail to acknowledge is the lack of competition from Western banks, especially from US houses. As borrowing needs across Africa grow, the question must be asked: if the Chinese banks don't lend to Africa, which ones in the West will?
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GlobalCapital revealed the winners of its 2018 Loan Awards at its annual Syndicated Loans and Leveraged Finance Awards Dinner at the Jumeirah Carlton Tower in London on February 6. The complete results are below. GlobalCapital congratulates all the winners and nominees.
