Zambia

The Netherlands Development Finance Company (FMO) sold a ZK104m ($10.3m) five year note to a single investor on Monday.

After a rough ride for Zambian loans and bonds in recent months, state-owned power firm Zesco will finally sign its delayed seven year loan this week.

Zesco, the Zambian state-owned power firm, is syndicating a $122m seven year loan, part of which is guaranteed by US government agency USAID.

People’s Bank of China (PBoC) named Bank of China Zambia branch (BoC Zambia) as the latest RMB clearing bank, the central bank said in a statement on 30 September.

Standard Bank is planning a loan for Stanbic Nigeria, its third loan for a subsidiary following deals it completed for Stanbic Kenya and Stanbic Zambia in recent weeks.

Stanbic Zambia signed its debut syndicated loan on Friday and increased the deal to $75m, after oversubscription from lenders.

Ghana’s Cocobod, Stanbic Kenya and Stanbic Zambia will all sign syndicated loans next week, according to bankers on the deals.

Stanbic Kenya launched a $100m loan on Monday and Stanbic Zambia is marketing a $50m deal, according to bankers.

Zambia has printed its $1.25bn bond with a yield higher than any other outstanding African sovereign bond, as investors have this year punished the country for falling copper prices, a weak kwacha and a gaping budget deficit.

Zambia has released price guidance of 9.25%-9.75% for an 11 year amortising bond, at a yield level that was the highest for a sub-Saharan African sovereign benchmark.

The Republic of Zambia and Georgian firm Rustavi Azot kicked off roadshows this week, providing hope that a reopening of the CEEMEA sovereign and corporate markets — courtesy of Kazakhstan and Naspers — maintains momentum.