Africa Bonds

Ivory Coast note holders have had a volatile time since the country first issued Brady bonds in 1998, as the country struggled through two civil wars lasting a decade. On the brink of a new Eurobond from the country, GlobalCapital Emerging Markets recaps.

Private placement investors eager for a yield pick-up are hunting deals from African Bank and similar names, according to medium term note bankers. Interest has increased in recent weeks despite emerging market volatility.

Ivory Coast note holders have had a volatile time since the country first issued Brady bonds in 1998, as the country struggled through two civil wars lasting a decade. On the brink of a new Eurobond from the country, GlobalCapital Emerging Markets recaps.

Three years after civil war again broke out in the country, Ivory Coast has released a request for proposals for a new dollar bond.

Investors eager for a yield pick-up are hunting deals from African Bank and similar names, according to medium term note bankers. The borrower took advantage of the demand to print its second ever private placement in dollars on Monday.

Syndicate bankers are primed for a busy period in dollars next week following the smooth execution of four benchmarks in the currency this week despite uncertainty and volatility caused by the situation in Ukraine.

February saw a 14% fall in sukuk volume from the same period last year and a 28% decline from January. The month witnessed only 46 sukuk, compared to 78 sukuk in January, with a total value of $7.45bn.

The dollar sukuk market has seen three issues so far this year, with three great results capped off by the Islamic Development Bank boldly entering new territory with an unprecedented $1.5bn last Thursday. But while each of these deals has stirred Islamic finance professionals to proclaim the growing profile and pools of capital for the asset class, the market is yet to see a true test of demand.

South Africa and Luxembourg have stepped up their plans to issue sukuk as they look to be among the first non-Muslim majority sovereigns to hit the market this year.

South Africa and Luxembourg have stepped up their plans to issue sukuk as they look to be among the first non-Muslim majority sovereigns to hit the market this year.

The Republic of South Africa will issue a debut sukuk this year and is targeting up to $750m from the deal, a national treasury official said.

James Nelson is moving to be Standard Chartered Bank’s head of Africa DCM.