Africa
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The UK’s Gemcorp has given a $250m loan to the Zimbabwe sovereign to help the country buy essential goods, as low dollar liquidity puts the squeeze on importers. -
The flotation of Cipla Quality Chemical Industries (CiplaQCIL) on the Ugandan stock exchange could persuade fellow African issuers to follow suit.
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African Export-Import Bank (Afreximbank) has for the first time turned exclusively to the Korean banking market to sign a $150m club loan.
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The African Development Bank has become the first supranational bank to use a securitization sold to private investors to free up balance sheet capacity. The deal, four years in the making, demonstrates a new technique that could expand development banks’ firepower to promote development.
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The African Development Bank’s $1bn synthetic securitization is not its first risk transfer transaction, and will not be its last. The bank has marked itself out as a leader in this sphere, though the effort to get such techniques to work is also highly collaborative.
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The European Commission has unveiled a portfolio of financial guarantee transactions it is doing to support development in Africa and regions bordering the EU. Among them are two programmes conducted by the African Development Bank, including its new synthetic securitisation.
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Assets allocated to US exchange traded products and funds hit a record high in August, after assets left the space when volatility returned to US markets in February.
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Egypt’s Oilex has signed a E£2.4bn ($134m) loan from regional lenders, as the country continues to draw in international financing after a stamp of approval from the IMF.
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The African Development Bank is planning to issue its first benchmark syndicated green bond since 2015, in what is likely to the issuer’s final syndication of the year
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Shares in Investec, the Anglo-South African banking group, rose 8.7% on Friday after it announced that it had decided to spin off and list its asset management unit, following a strategic review.
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African borrowers will soon add a new flavour to the wave of Middle Eastern issuance that has so far dominated the autumn pipeline.
