Africa Bonds

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.

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.