South Africa

The South African equity market got the trade it had been waiting for this week when Steinhoff International, the embattled retail conglomerate, sold a portion of its stake in Steinhoff Africa Retail, the African subsidiary it span off last year, to raise funds to reduce its debt.

Seven new banks have joined Stanbic Kenya's loan, which will be signed on Thursday, leading to a heavy oversubscription, but the borrower declined to take any more money than the $100m it had set out to raise.

FirstRand Bank has announced plans for a three day global roadshow ahead of a planned inaugural dollar-denominated tier two issue.

Consol Holdings, the South African glass packaging company, plans to return to the Johannesburg Stock Exchange after filing an intention to float on Thursday.

Investec Bank plc has signed a A$150m ($115.3m) loan to refinance a loan signed in 2015, attracting a total of 18 banks to the deal — the majority of which came from Asia.

Sanlam, the South African insurer and wealth manager, has raised R5.7bn ($489m) to finance its takeover of Saham Finances, the Middle East and Africa-focused insurance company.

South African bonds started the week on an upbeat note following Moody's announcement on Friday that it would not remove the country’s last investment grade rating.

Investec Bank has benefited from South Africa’s political turn for the better, with pricing tightened on a $300m loan refinancing and Asian banks flocking to another loan for its UK branch.

Steinhoff International, the embattled South African retail conglomerate, sold a €251m block of shares in KAP Industrial Holdings on Tuesday, as it continues to raise money to plug holes in its balance sheet, but doubt remains about whether much is left to salvage from the business.

Eskom, the South African state electricity company, signed a R20bn ($1.7bn) syndicated loan on Wednesday, a day after S&P downgraded it.

Emerging market bonds have been buoyed by several positives in key markets this week including a cabinet reshuffle in South Africa that has seen the return of respected former finance minister Nhlanhla Nene, and the upgrade of Russia to investment grade by S&P.

Two South African corporates are in the market for syndicated loans amid South Africa’s cabinet reshuffle, after former president Jacob Zuma resigned earlier this month.