Africa
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Very little high-quality corporate issuance from South Africa has been available to investors -
Heavy issuance likely for much of September
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African Development Bank is arranging billions of dollars in financing
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The government has enacted impressive reforms since 2023, but revenue collection is still weak
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Hunt is on for ready issuers after bond prices recover
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Senegal bonds are trading at distressed levels and there is a risk of restructuring
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UK and South Africa firms to collaborate on equity research, trading and advisory
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Company signed inaugural facility for $175m in 2024
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Deutsche Bank runs process as country’s capital markets rehabilitation continues
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Demand peaked at $1.6bn, allowing Axian to reduce the yield by 50bp
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Bankers expect plenty more deals in June after a hefty May
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Investors have welcomed a naira devaluation, but it has hurt banks in Nigeria
