North Africa
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The Middle East and North Africa region will provide a large chunk of emerging market bond supply in 2019, investors said this week. The region provides excellent value, in spite of fluctuations in the oil price. -
Egypt is revamping its capital markets presence, lining up a debut in the green bond market, a first deal in an Asian currency, and dollar and euro benchmarks all by the end of its fiscal year in June.
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African equity capital markets deals could bolster emerging market issuance figures this year and provide a post-Brexit boost for London where some firms are tipped to dual-list.
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Société Générale has agreed to pay $1.34bn in fines and an enhanced monitoring programme for violating US sanctions against Cuba, Iran, Sudan, Libya, Myanmar and North Korea, according to notices issued by US agencies on Monday.
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Tunisia raised €500m of five year paper on Wednesday with a 144A/Reg S benchmark.
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The Central Bank of Tunisia, on behalf of the sovereign, hit the market on Wednesday morning to print a five year euro benchmark.
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The Republic of Tunisia hit screens on Thursday, announcing a roadshow to promote a euro benchmark — the nation’s first since February 2017.
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Telecom Egypt has signed its $500m loan, with 11 mostly Gulf region banks joining the trade during the syndication process.
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Renaissance Capital has appointed Marios Hadjiyiannakis as chairman of the board of directors in Egypt, and Amr Helal as chief executive officer for North Africa.
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Hassan Allam, the Egyptian construction firm and utilities firm, intends to list shares on both the local Egyptian Exchange and in London through the sale of global depository receipts.
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Egypt’s Oilex has signed a E£2.4bn ($134m) loan from regional lenders, as the country continues to draw in international financing after a stamp of approval from the IMF.
