Africa Bonds

South Africa's FirstRand Bank made its Swiss franc debut on Tuesday afternoon, becoming the second issuer from the country to tap the market in recent years. The investor bid was strong enough for the issuer to follow up with a swift increase the day after pricing.

Nigerian Diamond Bank has picked Citi to arrange a roadshow for a senior unsecured dollar bond, having failed twice before to print subordinated debt via two other sets of lead managers. The bank is expected to print a $300m five year senior note, according to a syndicate official away from the senior note.

Florian von Hartig is leaving his role as global head of DCM to move to Standard Bank’s global markets business. Megan McDonald is moving to London in July to take up that position.

Emerging markets-focused miner First Quantum Minerals has released price guidance of 7%-7.25% for its $650m eight year bond, a level indicating that leads could push pricing inside the yield level at which FQM last came to the market in 2012.

South Africa's FirstRand Bank made its Swiss franc debut on Tuesday afternoon, with leads able to outstrip the issuer's minimum size ambitions.

Nigerian Diamond Bank has picked Citi to arrange a roadshow for a senior unsecured dollar bond, having failed twice before to print subordinated debt via two other sets of lead managers. The bank is expected to print a $300m five year senior note, according to a syndicate official away from the senior note.

Emerging markets-focused miner First Quantum is embarking on a roadshow for a $650m dollar denominated bond, returning to the market as a much larger company after the acquisition of Inmet last year.

FirstRand Bank is set to sell its inaugural Swiss franc bond on Tuesday afternoon, following fellow South African lender African Bank which has issued at least once annually in the currency for the last three years.

Tunisia’s local currency sukuk this summer will provide a litmus test for the country’s ability to go to the international market later, said a senior official at the Islamic Development Bank.

Moroccan phosphate group OCP tapped the $300m 30 year notes it sold a fortnight ago for a further $300m on Monday, bringing the total deal size to $600m. The book for the deal reached over $1bn as investors enthusiastically bought more of the note that had tightened around 50bp in yield terms since pricing.

Moroccan phosphate group OCP has tapped the $300m 30 year notes it sold a fortnight ago for a further $300m, bringing the total deal size to $600m. The book for the deal reached over $1bn as investors enthusiastically bought more of the note that had tightened around 50bp in yield terms since pricing.

Morocco’s parliament has delayed a vote on its draft Islamic banking bill but will hope to reach a decision by next week, said Mohamed Al Ghazwani, advisor to the standing parliamentary committees for finance and economic development.