Africa Bonds

South African electricity provider Eskom kicked off a roadshow this week to market its second dollar deal.

The International Finance Corporation (IFC) has been granted permission by the Zambian Securities and Exchange Commission (SEC) to issue Zambian kwacha denominated bonds on the local market. The IFC is the first international issuer to be approved for such a trade and hopes that the deal will encourage more activity on the country's domestic bond market.

Tunisia’s prospects of borrowing in the international market brightened this week as its National Constituent Assembly passed a draft sukuk bill on Wednesday. The law is seen as an important hurdle to Tunisia issuing a sovereign Islamic debut and helps it open up a wider range of funding options as existing sources are becoming more pressed.

Tunisia’s prospects of borrowing in the international market brightened this week as its National Constituent Assembly passed a draft sukuk bill on Wednesday. The law is seen as an important hurdle to Tunisia issuing a sovereign Islamic debut and helps it open up a wider range of funding options as existing sources are becoming more pressed.

Tunisia has cleared an important hurdle to issuing a debut sovereign sukuk after its National Constituent Assembly passed a draft bill on Wednesday.

Tunisia has cleared an important hurdle to issuing a debut sovereign sukuk after its National Constituent Assembly passed a draft bill on Wednesday.

Syndicate bankers' eyes are turning to Africa where four sovereigns are lining up deals. Nigeria is primed for launch, Ghana is expected in July and Kenya and Senegal have set sizes on their prospective sovereign bonds, bankers said.

Nigeria, Africa’s most populated country, is set to launch its first ever sukuk.

Nigeria met investors in Europe this week ahead of a potential bond deal and will visit US buyers from Monday. Its solid fiscal position and low debt ratios should ensure a second successful deal for the sovereign, said analysts.

Nigeria has named banks for a series of investor meetings in the US and Europe ahead of a potential bond deal. Its solid fiscal position and low debt ratios should ensure a second successful deal for the sovereign, said analysts.

Nigeria’s Diamond Bank is meeting investors ahead of its first international dollar transaction and plans to raise as much as $550m with a tier two bond, the issuer told EuroWeek. Analysts expect more dollar deals from Nigeria to follow as issuers seek to raise capital and quell currency mismatch.

Nigeria’s Diamond Bank is meeting investors ahead of its first international dollar transaction and plans to raise as much as $550m with a tier two bond, the issuer told EuroWeek Emerging Markets. Analysts expect more dollar deals from Nigeria to follow as issuers seek to raise capital and quell currency mismatch.