South Africa

Scandal-hit retailer Steinhoff International Holdings has asked its creditors for a three week extension to hammer out the final terms of a multi-billion euro debt restructuring.

Absa Bank and Rand Merchant Bank are selling a 2.9% stake in Shoprite, the South African food retailer, as part of a derivative transaction with Christo Wiese, chairman of Shoprite and former chairman of Steinhoff International.

Shares in Quilter, the UK asset management arm of Old Mutual, performed well in the aftermarket on Monday after its £239m London IPO.

Quilter, Old Mutual’s UK asset management subsidiary, has priced its IPO. The last guidance was that orders below 145p risked missing the deal. At that level, the deal would come two thirds of the way up its original range.

South Africa’s Aspen Pharmacare has signed syndicated loans totalling around €3.4bn-equivalent, in a deal that saw the sort of chunky oversubscription that lenders say will be commonplace throughout the year, because of lack of supply.

South Africa raised $2bn in a difficult market on Tuesday, after US Treasuries widened unexpectedly at just the moment that the sovereign began marketing its new deal. The resulting sell-off in both South Africa’s curve and the rand meant that the issuer was not able to tighten pricing as much as had been anticipated, and the deal was smaller.

South Africa had to contend with an unexpected widening in US Treasuries when marketing its new deal on Tuesday. The resulting sell-off in both South Africa’s curve and the rand meant that the issuer was not able to tighten pricing as much as had been anticipated, and the deal was smaller overall.

South Africa has opened books on its first sovereign trade this year and is looking to capitalise on goodwill towards president Cyril Ramaphosa’s economic transformation efforts. It hopes to offset the recent spread widening that has followed weakness in the rand — and in broader emerging markets — as a result of the stronger dollar.

Shares in Vivo Energy, the African fuel distributor, rose more than 3% on its first day of trading on the London Stock Exchange on Friday, after its £558m IPO attracted substantial demand.

The IPO of Consol, the South African glass bottle maker, has been pulled on the last day of bookbuild. The seller blamed difficult markets and said it had not been able to achieve its “valuation objectives”.

South Africa’s largest real estate investment trust (Reit) Growthpoint raised $425m on Tuesday.

Anglo American Platinum, the biggest producer of platinum in the world, has sold a a 6.5% stake in Royal Bafokeng Platinum to finance its commitment to a joint mining venture in South Africa.