Africa Bonds
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Diamond Bank sold a $200m five year bond on Wednesday at the upper end of its price range and lower end of its target size. But the bonds still dropped over two cash points in the secondary market after pricing.
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Diamond Bank has its sights on a five year dollar debut and is aiming to price the bond on Wednesday afternoon. A debt banker away from the deal thought the bank’s starting yield was far too high. But others argued that the post-roadshow starting point was what investors had asked for and that secondary trading would settle the debate.
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Risk weighting, credit ratings and the Dubai government itself have all been cited as contributing factors after the emirate’s sovereign wealth fund cut the size of its conventional bond offering in favour of a shorter dated sukuk. -
First Quantum Minerals priced its $850m bond at the wide end of 7%-7.25% price guidance on Thursday evening, a rare occurrence in the CEEMEA market. But books were over three times oversubscribed and the deal was increased from $650m to $850m.
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Emerging markets-focused miner First Quantum Minerals had released price guidance of 7%-7.25% for its $650m eight year bond and was looking to price the deal on Thursday evening in London.
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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.
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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.
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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.
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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.
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South Africa's FirstRand Bank made its Swiss franc debut on Tuesday afternoon, with leads able to outstrip the issuer's minimum size ambitions.
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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.
