North Africa
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Moroccan investor to sell 11.3% of bank in fully marketed offering, after replacing Crédit Agricole as majority shareholder -
Borrower signs seven year deal to refinance short term maturities
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CIH Bank’s share price has risen throughout the five-week subscription period on non-underwritten deal
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The government has scraped together enough funding to get by, but some analysts still see chance of ‘messy’ crisis
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OCP and Sisecam dual tranche dollar deals fly, Kuwait International Bank sells AT1
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Deals are expected to go well, as investors have requested more of the paper
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Yields on Egypt bonds have returned to the 10% area that can allow primary market access
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Egypt and Tunisia are in a stickier state than Kenya but investors expect them to survive near-term
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Al Gaseer moves to vice chair of GCIB
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Sovereigns have managed to source other financing while bond markets have closed to them
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Sovereign’s debt has traded at distressed levels this year but bonds have rallied
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Japanese investors are keen on investment grade rated African debt
