Africa Bonds
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The Gabonese Republic pulled in more than $3bn of demand on Thursday for a $1bn 10 year bond that some observers saw as having been priced flat to its curve. -
The Gabonese Republic has released price guidance on its first benchmark Eurobond since 2015.
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The Republic of Ghana is visiting investors in the US and London with a plan to print a dollar benchmark. But the delegation’s rumoured size has led to surprises before the meetings have started.
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The risk that huge amounts of oil and gas assets will be stranded by moves to tackle the climate emergency may be more pertinent for sovereign credit than for private sector corporate debt, according to new research.
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The World Bank made its first visit to the Rwandan franc market last week, place what Dealogic indicates is the first deal in the currency since 2015.
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Prosus, the international internet business spun off by South Africa-headquartered Naspers in September, has released initial pricing guidance for a 10 year dollar benchmark at a level two analysts called attractive, given the company’s 31% stake in Chinese tech giant Tencent.
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Renaissance Capital has added to its Nigerian investment banking team. The Russian bank continues to expand its offering on the African continent.
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Brait, the troubled South African investment company, managed to issue a £150m five year convertible bond on Wednesday, an essential piece of its restructuring plan, which includes a new strategy, a recapitalisation, including a rights issue, to repay debt and the sale of two UK assets.
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International lenders and the Loan Market Association (LMA) are worried about emerging markets’ nonchalance towards the end of Libor in 2021. Fears are mounting that local lenders, in particular, those in Africa, will be “hit by a juggernaut” when the benchmark rate is discontinued, writes Mariam Meskin.
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The Kingdom of Morocco achieved savage price traction on its €1bn 12 year trade on Thursday, bringing in the yield on the trade by 40bp, to 1.6% and extending its curve.
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The Kingdom of Morocco moved from roadshow to deal execution on Thursday with a 12 year bond that looked set for tight pricing.
