Africa Bonds
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The Republic of South Africa remains determined to issue a debut sovereign sukuk, despite delays to the plan, economic problems and its decision to mandate banks for a conventional foreign currency bond.
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Nigerian telecom company Helios Towers is meeting potential buyers across Nigeria and Europe this week ahead of an inaugural $225m bond deal. The borrower is targeting a dollar bond and starts investor meetings on Tuesday, while at least two other Nigerian corporates are planning debuts of their own. -
Tunisia has upgraded its local currency sukuk plans this summer and instead will begin preliminary meetings with international investors at the end of August to discuss a debut sovereign dollar deal.
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Senegal has picked Citi, Société Générale and Standard Bank for its third trip to the bond market, adding itself to the confirmed African sovereign pipeline alongside Côte d'Ivoire and Ghana.
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First City Monument Bank (FCMB) is the latest Nigerian financial to lay down plans for a debut bond deal. But bankers on earlier Nigerian transactions have warned that international investors are interested only in the top tier banks, and First City's comparatively small size and exposure to Nigeria's retail market could make things difficult for an inaugural issue.
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The Republic of Kenya ploughed ahead with a dual tranche debut Eurobond on Monday despite terrorist attacks in coastal Mpeketoni on Sunday and Monday nights. But investors still flocked to place over $8bn in orders, allowing Kenya to price a colossal $2bn for its inaugural offering.
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Access Bank sold its first tier two bond this week and, in contrast to earlier attempts from Nigerian financials, printed a larger than expected deal that traded up in the secondary market. The deal was a welcome sign of appetite for Nigerian risk, but emphasised that international interest extends only to a select few, said bankers on the deal.
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Access Bank sold its first ever tier two bond this week and, in contrast to earlier attempts from Nigerian financials, printed a larger than expected deal that traded up in the secondary market.
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CEEMEA bond bankers are calling the market the best they’ve seen since spring last year and issuers, particularly from the Middle East and Africa, are rushing to take advantage of it while it lasts and before Ramadan and the summer slowdown shrink the potential investor base.
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The Republic of Kenya ploughed ahead with a dual tranche debut Eurobond on Monday despite terrorist attacks in coastal Mpeketoni on Sunday and Monday nights. The headlines had only a marginal effect on market sentiment and Kenya drew well over $8bn of orders for its $2bn bond transaction.
