Nigeria

Africa Finance Corporation was on track to print a seven year bond on Thursday and had taken orders of $1.9bn on Thursday morning.

Nigeria returned to re-open its $1bn 2032s to raise an additional $500m on Wednesday. The trade was a no-brainer, said EM bankers, and a saving grace after the issuer paid up for its February trade.

Emerging market borrowers showed no regard for the start of the UK's official departure from the EU on Wednesday, opening books on four deals as prime minister Teresa May formally triggered Article 50 of the Lisbon Treaty.

Nigeria reopened its 2032s to raise an additional $500m on Wednesday, after making a successful foray into the international markets in February.

Etisalat Nigeria will meet with 13 local lenders this week to discuss its restructuring plans for a $1.2bn loan taken out in 2013, according to the Nigerian Communications Commission (NCC).

Despite lingering concerns about its foreign exchange rate regime, Nigeria’s return to the bond market drew an impressive $7.8bn book. So insatiable was demand that the deal dragged the whole sub-Saharan Africa market tighter in secondaries paving the way for some much missed supply from the sector, writes Virginia Furness.

Nigeria’s 15 year bondlooked to be going strongly on Thursday, with investors piling $4.5bn of orders into the book by lunchtime.

Nigeria impressed on its roadshow this week but concerns about the country’s FX regime have resulted in a wide range of feedback for pricing from investors.

Two African sovereigns are lining up issue fresh debt in 2017, hoping to emulate the success that Egypt enjoyed last week with its $4bn blowout.

The long drought in Sub-Saharan African bond issuance could end as early as next week after Nigeria set dates for a four day international roadshow.

The African loan market has hit 2017 on the front foot, with bankers heralding the support shown for Kenya and Sibanye deals as testament to gathering confidence in the region — but only for the right credits.

Nigeria’s sovereign bond prices have rallied with a new Eurobond expected in January despite the government reporting on Monday N2.2tr ($7bn) of unrecorded debt, equivalent to 2.3% of the country’s GDP.