Africa Bonds

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.

CORRECTION: African Bank did not proceed with the below transaction, postponing it on Friday February 8 following an announcement by the National Credit Regulator that related to an investigation into the bank.

Manama, Bahrain –18 December 2012 – The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been subscribed by 100%.

Manama, Bahrain – 22 November 2012 – The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities for the BD18 million issue, which carries a maturity of 91 days, has been oversubscribed by 278%.

International legal practice Norton Rose has advised the Republic of Indonesia for a second time on another large scale international sukuk issuance. The firm advised the Republic of Indonesia on the establishment of a US$3 billion sukuk issuance program and the initial issuance of US$1 billion of sukuk under the program. The issuance, which closed on November 21, 2012, has a maturity of ten years, with periodic distributions of 3.3% per annum. The issuance was governed by English laws and was offered under Rule 144A and Regulation S of the US Securities Act to a broad range of investors based inside and outside the US.

Manama, Bahrain –13 November 2012 – The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 264%.

Source: Tegara Net