South Africa

Banque Ouest Africaine de Developpement (BOAD), the West African regional development bank, has made plans for a follow-up trade to its dollar debut last year and South Africa’s Steinhoff has prepared a 7.5 year euro denominated note.

Loan bankers in South Africa are pining for more deals, to curb the compression of margins as the ranks of lenders to the region are swelled by money from the Middle East and Asia.

Bankers were calling the end of the dream run in emerging market bonds on Friday after Liquid Telecom was unable to tighten pricing or meet the $600m size target for its debut note on Thursday.

Naspers returned to the eurobond market after a two year absence on Thursday, releasing initial price thoughts for a new dollar benchmark.

Standard Bank is planning to launch a $750m syndicated loan, and hopes to drum up enough interest to enlarge it to $1.25bn.

Boutique banking firm MetZurich has hired two bankers from Investec who left the firm earlier this year when the bank effectively closed its emerging markets business.

South African internet group Naspers and pan-African fibre cable provider Liquid Telecom are looking to add to what has been the busiest month for African issuance since July 2014. But an oil-related sell-off this week may mean tougher conditions for Liquid Telecom in particular next week.

South Africa-based media group Naspers is looking to add to what has been the busiest month for African issuance since July 2014 but an oil-related sell-off this week suggests that the company may have missed the golden window.

South Africa’s Sibanye Gold attracted more than $2bn of demand for a debut dual-tranche Eurobond on Tuesday.

Sibanye Gold, one of the largest South African gold mining companies, has raised R13.5bn ($1bn) to refinance its acquisition of Stillwater in the US, after its rights issue was multiple times oversubscribed.

Investec Bank launched a $300m two year term loan this week to refinance a three year facility signed in February 2015. The deal comes after Moody's downgraded South Africa's five biggest banks on Monday, following the sovereign downgrade last Friday.

Systemic corruption, excessive reliance on the courts, and risk of judicial overreach will erode institutional strength, and weigh on growth in South Africa, said Moody’s on Friday as it lowered the country’s rating to Baa3 from Baa2.