South Africa

South African mobile operator Cell C completed the restructuring of its debt this week, following a R16.4bn ($1.2bn) recapitalisation by new and existing shareholders.

Gabon on Monday raised $200m with a reopening of its bonds maturing 2025 in a week that has also kept investors in African Eurobonds on their toes with a no-confidence vote in South Africa and presidential elections in Kenya.

African politics had the focus of EM bond investors on Wednesday morning with South Africa’s president Zuma surviving a no-confidence vote, and Kenya’s presidential vote looking like a victory for the incumbent, Uhuru Kenyatta. Africa has also provided this week’s only new issue, a $200m tap from the Gabon.

A solitary capital increase from Monday was the stand-out trade of a meagre bunch in equity capital markets this week, with the IPO market on pause until September.

Foschini Group, the South African fashion retailer, raised R2.5bn ($190m) of equity capital on Monday night, in an accelerated capital increase that was increased from R2bn.

Foschini Group, the South African retailer of clothing, cosmetics and jewellery, has launched the sale of R2bn ($150m) worth of new shares to repay a loan used for an acquisition in Australia.

Steinhoff Europe made its debut in senior euro corporate bond markets on Monday and was the only issuer to offer investors a transaction on the day. The €750m 7.5 year deal followed a European roadshow last week.

Standard Bank has offered banks five different participation levels on its $750m syndicated loan, which it expects to grow to $1.25bn once commitments come in.

Steinhoff Europe, the furniture maker, made its debut in senior euro corporate bond markets on Monday, and was the only issuer to offer investors a transaction on the day. The €800m 7.5 year deal followed a European roadshow last week.

South Africa’s National Treasury is meeting with its nine primary banks on Friday to discuss its 2017 Eurobond issuance, according to its senior analyst Alilali Nelufule.

‘Business as usual’ was the tone this week in emerging markets, after last week’s losses were reversed and mandates began trickling through from across CEEMEA.

South Africa’s National Treasury is meeting with its nine primary banks on Friday to discuss its 2017 Eurobond issuance, according to its senior analyst Alilali Nelufule.