Africa Bonds

South Africa’s biggest electricity provider Eskom opened books on a 10 year dollar deal on Tuesday. Initial price thoughts offered a generous concession over the company’s outstanding bonds and those of the sovereign, but debt bankers were not surprised at the high starting point.

Banque Centrale de Tunisie, the central bank of Tunisia, has widened price guidance to 100bp over yen swaps area for its 10 year Samurai bond guaranteed by the Japan Bank for International Co-operation. Initial price guidance had been released at 90bp-100bp over on Friday.

Banque Centrale de Tunisie, the central bank of Tunisia, has mandated banks to sell a 10 year Samurai bond guaranteed by the Japan Bank for International Cooperation, with pricing expected next week. Mexico has also announced guidance on a third tranche for its own Samurai deal, also expected next week.

First Bank of Nigeria is planning to bolster its tier two capital with a dollar bond and started a roadshow on Wednesday. The bank considered selling a bond last year but believes the timing is now right, and is hoping improved reporting standards for Nigerian companies will help put investors at ease, said a First Bank official.

The International Islamic Liquidity Management Corp has attracted criticism for delays in getting its programme of short dated sukuk underway. But IILM’s project must not be rushed if it is to achieve the success the Islamic market badly needs.

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.