Nigeria

The $150m loan for Africa Finance Corporation is still in the market, although commitments for the loan were due weeks ago.

Bankers are in discussions with a Nigerian corporate for an acquisition loan, representing welcome fodder for a depleted market, although the deal may not make it over the line, according to sources.

International Finance Corp (IFC) is set to offer a funding lifeline to Nigeria’s banks after the country sought emergency loans this weekend.

The Central Bank of Nigeria decided on Tuesday to leave its rates on hold but, despite concerns that that would create further difficulties for the economy, Nigeria’s Eurobonds rallied 30bp overnight as investors focused more on oil prices than policy decisions.

The Central Bank of Nigeria decided on Tuesday to leave its rates on hold, but despite concerns that this will plunge the economy into further difficulties, Nigeria’s Eurobonds rallied 30bp over-night as investors focus more on oil prices than policy decisions.

Nigeria will have to pay a yield of over 9% to access the international markets as it plans its first Eurobond for three years, according to Exotix.

Nigeria’s Ecobank signed its $170m loan refinancing on Monday, the deal pays 1% more than the previous loan and has attracted four new lenders, despite a meagre showing of Nigerian deals this year.

Stanbic IBTC, the subsidiary of Standard Bank also known as Stanbic Nigeria, signed its debut syndicated loan on Wednesday with a mostly Middle Eastern syndicate.

Bank of Georgia completed the IPO of its healthcare subsidiary on Monday, as it successfully priced the deal, although at a price much below what it had hoped for.

First City Monument Bank (FCMB) has signed a $77m one year loan, the first international syndicated loan this year for a borrower in Nigeria, which has been struggling with a low oil price and political instability.

First City Monument Bank (FCMB) has signed a $77m one year loan, the first international syndicated loan this year for a borrower in Nigeria, which has been struggling with a low oil price and political instability.

First City Monument Bank (FCMB) has signed its $77m loan, the first international syndicated loan this year for a borrower in Nigeria, which has been struggling with a low oil price and political instability.