South Africa

Standard Bank printed a $400m 10 year non-call five tier two bond on Wednesday from a book of more than $2bn in a deal that even rival syndicate bankers called a roaring success.

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Nepi Rockcastle, a Johannesburg- and Amsterdam-listed real estate fund, printed a €500m four year bond on Wednesday. In doing so, it seemed to shake off concerns about the company raised by research firm Viceroy in November, though investors still had questions during the marketing of the bond.

Opinion polls indicate that South Africa’s incumbent African National Congress party and president, Cyril Ramaphosa, will win the country’s hotly contested general election, held on Wednesday, with a reduced majority. Bankers expect financing business to return to normal soon, after pausing in the run-up to the election.

Gold Fields, a South Africa-headquartered mining company, sold its $1bn dual tranche bond on Wednesday at a spread that looked historically tight to comparable issuer, AngloGold. It attracted $3bn of orders despite national elections on the same day.

Analysts expect the African National Congress (ANC) to win South Africa's general elections next Wednesday. Although a number of deep-rooted domestic problems have the potential to throw the country into an economic crisis, bankers expect FIs to remain "safe" in the worst of scenarios.

EPP NV, a Polish firm that owns malls and office buildings, raised over €90m of equity capital in Johannesburg on Wednesday last week.

FirstRand Bank has transferred outstanding dollar debt from one of its syndicated loans to Rand Merchant Bank International. The amendment comes amid an anticipated increase in loan activity from South African banks, which bankers are keeping a close eye on.

Gold Fields Limited, a gold producer with operating mines in Australia, Ghana, Peru and South Africa, is embarking on a roadshow to market a five to 10 year dollar benchmark.

Sibanye-Stillwater, the South African commodities miner, sold a 108.9m share block in the market on Tuesday night to solidify its balance sheet as the company continues to weather a gold workers' strike and prepares for wage talks with unions for its platinum workers.

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Steinhoff International continued to dispose of assets this week with a R4.8bn (€293m) sale in KAP Industrial Holdings, the South African industrial company, with the company expected to shed more holding to meet its subsidiaries' funding requirements.