Nigeria

More Nigerian banks are looking to come to the syndicated loan market late this quarter, with lenders fighting to win mandates.

First Bank of Nigeria is buying back $300m of its outstanding subordinated bonds.

Nigeria’s Indorama Eleme Fertilizer & Chemicals has taken $1bn in debt financing, in the second use of the International Finance Corporation’s Managed Co-Lending Portfolio Programme in a week.

Ecobank Transnational Incorporated, a pan-African banking group, is the only CEEMEA issuer to have publicly progressed with bond plans this week, setting the roadshow for its debut dollar bond. A syndicate official on the deal said that lead managers are confident of demand, but a rival questioned whether a single-B rated sub-Saharan issuer could reopen the market.

Nigerian banks have found their loan market verve this year with one syndicated transaction near close and another due to launch soon, as pent up demand tempts borrowers back into the market.

Seplat Petroleum sold a $350m five year non-call two bond on Monday, turning down a larger trade that was available, according to a lead manager. The final print was being smaller than originally indicated.

Seplat Petroleum, a Nigerian oil and gas exploration and production company, was offering a 9% handle for its market debut on Monday.

Seplat Petroleum Development, a Nigerian oil and gas exploration and production company, is lining up its first international bond which will also be the first non-financial corporate bond from Africa this year.

The Federal Republic of Nigeria has released price guidance for its dual tranche bond that rival syndicate bankers and investors are calling “exceptionally” cheap.

Emerging markets debt investor Ashmore saw $3.6bn of inflows in the quarter running up to the end of December last year, a sign that syndicate bankers are taking as further proof that the bull market has plenty of gas left in the tank.

Nigeria has become the first government in Africa to issue a green bond, with a N10.69bn ($29m) five year issue led by Chapel Hill Denham, a local investment bank.

Savannah Petroleum, the UK oil and gas company focusing on African exploration, has secured a partnership with ASMA Capital Partners, a Bahraini fund manager which invests on behalf of the Islamic Development Bank, as part of its equity capital raising, which is set to be priced today.