Africa

MetLife, the US insurance company, has made an unusual investment as part of its impact investment portfolio, which has about $200m of assets. It is providing a revolving credit facility to an impact investment fund, to enable it to cope more easily with redemptions.

Nigeria is back in capital markets, undeterred by a volatile backdrop that has kept other borrowers from accessing the market.

Two emerging market borrowers have been forced to postpone planned deals this week, with investors demanding better yields to risk their cash in the volatile market.

Steinhoff’s multi-billion euro equivalent debt restructuring saga took another step forward this week, with the company receiving High Court approval to press on with a scheme of arrangement related to its US subsidiary Mattress Firm.

Nigeria hit screens on Monday afternoon to announce a roadshow for a triple tranche dollar bond, confirming rumours of a planned capital markets return that began circulating last week.

The Seychelles’ $15m blue bond, issued last month to finance sustainability improvements to its maritime economy, was designed to satisfy all the needs of socially responsible investors and could therefore be used as a template, according to bankers at Standard Chartered who worked on the deal.

Nigeria is rumoured to be planning the sale of a dollar bond, returning to the market for the first time since February.

The Republic of Mozambique said on Tuesday that it had reached an agreement in principle with bondholders on a restructuring of its $726.5m 10.5% 2023s, which defaulted two years ago.

Rating: B2/—/B+

Tunisia raised €500m of five year paper on Wednesday with a 144A/Reg S benchmark.

South Africa is embarking on a series of investor update meetings, with no deal planned to follow.

The Central Bank of Tunisia, on behalf of the sovereign, hit the market on Wednesday morning to print a five year euro benchmark.