North Africa
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As its debt-to-GDP ratio inflates and its public finances come under pressure, some have wondered if Tunisia will succumb to a debt restructuring process. But the governor of the Central Bank of Tunisia, Marouane El Abassi, told GlobalCapital that the country is intent on securing new IMF funding as a prerequisite to entering capital markets. -
A consortium of international lenders is funding the development of Egypt’s largest solar plant.
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African Export-Import Bank, the multilateral bank headquartered in Cairo, has provided a term loan to OCP Group, a Moroccan phosphate miner and fertiliser producer.
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Three African issuers entered debt markets this week and raised cash at competitive levels, despite a difficult external backdrop of debt relief in the region and continued US rates weakness.
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Egypt and the Ivory Coast sold bonds on Monday that were heavily oversubscribed and offered little to no new issue concession. The trades, sources said, were evidence that volatility in global markets has had little impact on high yielding debt — though questions linger around investment grade EM issuance.
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The Arab Republic of Egypt entered the international bond market on Monday to sell a Reg A/144A multi-tranche dollar deal. Some participants are calling the 40 year tranche “ambitious”, as they say investor demand for duration has been weakening.
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UK Export Finance, the UK's export credit agency, has provided its largest ever overseas infrastructure guarantee to support the construction of two new monorails in Egypt. JP Morgan is leading a group of commercial lenders in providing the funding.
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HSBC has created a dedicated sustainable and transition finance team for the Middle East, North Africa and Turkey, as the region tries to make its economies more sustainable.
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Emerging market bond investors have started the year in bullish spirits, market participants said, despite rising in Covid-19 infections across Europe. Investors' thirst for yield means the market is open to all issuers, bankers believe.
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The Kingdom of Morocco sold a triple-tranche dollar deal on Tuesday, which bankers say was a successful attempt to enter into a rarely tapped market upon investors’ requests.
