South Africa
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South Africa's Investec Bank signed a $635m loan on Friday. The loan is its seventh since the beginning of last year, as it raises funds ahead of potential ratings downgrades. -
South Africa raised $1.25bn with its latest SEC registered bond on Thursday, amid a slew of negative headlines and what bankers described as a weak market backdrop.
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Strong demand was expected to propel South Africa’s new 10 year note to a successful conclusion, with a 35bp-50bp concession tantalising investors before the US open, despite a political crisis in the country.
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South Africa is looking to add another point to its dollar curve and has mandated banks for a 2026 bond amid attempts to impeach its president, Jacob Zuma.
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Spar Group, the South African grocery and home improvement wholesaler, raised R2.2bn ($143m) of new capital in a successful accelerated bookbuild on Tuesday night.
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Sappi Papier, the Austrian-South African paper manufacturer, sold €350m of secured notes at 4% to refinance its 2021 dollar bond, in a European high yield market that has brought forward its post-Easter pipeline of deals.
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The $400m loan for South Africa's Investec Bank will be oversubscribed, despite the bank being put on review for a downgrade, according to a banker on the deal.
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Sappi Papier, the Austrian-South African paper manufacturer, is seeking to issue €350m of secured notes to refinance its 2021 dollar bond, in a European high yield market that has brought forward its post-Easter pipeline of deals.
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Standard Bank of South Africa launched syndication for its loan with a whopping eight banks leading the deal, including four Chinese firms and HSBC.
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Standard Bank Kenya (Stanbic CfC) is paying around 45bp more for its latest loan than when it last issued, less than a year ago.
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Standard Bank is in the market for two loans, a $750m deal for Standard Bank of South Africa and a deal for its Kenyan subsidiary, Stanbic Kenya, according to bankers.
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Markit is preparing to launch what it said will be the first tradable emerging markets interest rate swap index.
