Africa Bonds

Moroccan phosphate group OCP priced its $1.25bn of 10 year notes at a 5.75% yield on Wednesday evening, through the tight end guidance that had already been crunched to 5.875% area. A $300m 30 year note was also added in the afternoon, which was priced at 7.375% in line with guidance.

The International Islamic Liquidity Management Corporation (IILM) came to market for the fifth time on Thursday, reissuing an $860m three month sukuk as follow on from its first issue of that size in January.

Moroccan phosphate group OCP launched $1.25bn of 10 year notes at a 5.75% yield on Wednesday evening, at the tight end of guidance that had already been crunched to 5.875% area. A $300m 30 year note was also added in the afternoon, with guidance of 7.375% area, and launched at that level.

Moroccan phosphate group OCP has tightened price guidance on its 10 year debut bond to a yield of 5.875%, a level that rival syndicate and DCM bankers said represented 100bp over the sovereign and was therefore too generous.

The Ghanaian sovereign has sent out a request for proposals for an international bond deal, according to two emerging market debt bankers.

Nigeria's Zenith Bank made its debut in the dollar bond market this week with a five year benchmark deal. The borrower could have pushed for a smaller deal at a tighter price, but preferred to secure a benchmark-sized debut that was placed overwhelmingly with international buyers, said bankers on the deal.

Anglo American priced its first dollar bond for two years on Tuesday – only the third Yankee bond this year from a UK-headquartered issuer.

Zambia had to pay up for its second ever Eurobond this week, offering a nice concession to secure a $1bn 10 year bond. But a wave of demand sent the bond up two cash points in the secondary market despite the sovereign's financial difficulties, which bodes well for African borrowers with stronger credit metrics.

Nigeria's Zenith Bank opened books on a debut dollar bond on Thursday morning, with a yield that was at the upper end of investors requests, said a banker on the deal.

Atlas Mara, co-founded by Bob Diamond, has poached John Vitalo from Barclays to fill the vacancy for a CEO.

Zambia’s new 10 year dollar bond was trading up in the secondary market on Tuesday after attracting $4.3bn in orders for its $1bn print. Debt bankers on the bond were surprised by the strong reception given Zambia’s financial difficulties, which bodes well for African borrowers with stronger credit metrics.

Zambia opened books on the first African sovereign deal of 2014 on Monday morning, starting with a large new issue concession to compensate for a weak credit story. A successful bond could help usher in a run of issuance from Zambia’s peers, with several African sovereigns in the process of planning deals.