Africa Bonds
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Prospects of an Arab Spring country issuing international sukuk this year are dwindling, with Tunisia having postponed its plans for a debut deal. -
Prospects of an Arab Spring country issuing international sukuk this year are dwindling, with Tunisia having postponed its plans for a debut deal.
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Prospects of an Arab Spring country issuing international sukuk this year are dwindling, with Tunisia having postponed its plans for a debut deal.
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Prospects of an Arab Spring country issuing international sukuk this year are dwindling, with Tunisia having postponed its plans for a debut deal.
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Senegal plans to bring a XOF100bn ($200m) debut sukuk programme next year.
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Standard & Poor’s Dow Jones Indices has launched a Middle East North Africa bond and sukuk index. The index will comprise two sub-indices – the S&P MENA Bond Index and the S&P MENA Sukuk Index.
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BRE Bank and African Bank both sold Swiss franc debt this week, heralding the return of triple-B credits to the currency after an absence of several months. BRE went first, making its debut in the Swiss franc market on Wednesday, appealing to retail investors and asset managers starved of high yielding paper.
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African Bank, the South African lender, sold its third ever Swiss franc bond on Thursday morning, pricing a small retail-focused deal at the tight end of guidance.
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The Nigerian state of Osun is offering NG10bn ($62m) of sukuk al ijara to investors, in the country’s first ever sukuk sale.
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The CEEMEA market had a strong opening on Monday morning, with buyers a clear majority in the secondary market and last week’s primary transactions performing well. But borrowers are still opting to hold off until after the Federal Open Market Committee meeting on Wednesday.
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The Republic of South Africa printed a well oversubscribed $2bn global bond on Monday, although bankers on and away from the deal disagreed on the new issue premium paid. The initial secondary market performance was stable — arguing in favour of the leads’ strategy. But in less than 48 hours the bonds rose four cash points and bids for South African corporations and financials also improved, which the bookrunners struggled to explain.
