Africa Bonds
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Impala Platinum Holdings, the South African platinum mining company, has launched a tender offer to convert its outstanding 3.25% $250m June 2022 convertible bonds into equity, after a massive rally in its share price over the last year. -
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The Republic of Tunisia printed a tight €700m 6.375% 2026 bond on Wednesday from a book of nearly €2bn. A syndicate manager away from the deal said it was a good demonstration of the enthusiasm for emerging market credit.
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The Natural Disaster Fund, backed by the UK government, has a first option to subscribe to a small catastrophe bond to be issued by the Danish Red Cross, which conveys volcano risk.
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The initial guidance for the Reg S/144A deal was put out at 6.875% area on Wednesday morning in London.
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The Republic of Tunisia does not finish its roadshow until Tuesday 9 July, but after a 100bp rally in its euro 2024s since the start of June and strong roadshow meetings so far, a seven year — the longer end of the planned tenor for the benchmark bond — looks to be on the cards.
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The Republic of Tunisia does not finish its roadshow until Tuesday, but after a 100bp rally in its euro 2024s since the start of June and strong attendance at the roadshow meetings so far, a seven year — the longer end of the planned tenor for the benchmark bond — looks to be on the cards.
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GlobalCapital has launched its poll to determine the 2019 winners of its Sustainable and Responsible Capital Markets Awards. Market participants are invited to participate.
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South Africa’s GDP showed the largest quarterly contraction in a decade, with the sovereign and country’s banks likely to face pressure on their credit metrics as a result.
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Emerging markets and developing economies (EMDEs) are at risk of a financial crisis as mounting debt levels are making them vulnerable to an economic shock, the World Bank warned this week.
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Ecobank Transnational Inc, the pan-African bank based in Togo, tapped a $500m 9.5% 2024 bond it issued in April for a further $50m on Tuesday. But despite the note being printed flat to the outstanding, according to leads, and the original bond having rallied over 150bp in yield since pricing a month ago, the tap brought the deal in by another 25bp in secondary trading.
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Ecobank Transnational Incorporated, the pan-African bank based in Togo, has released price guidance for a $50m tap of the $500m 9.5% 2024 bond it issued in April. There has been a huge rally in those bonds since pricing.
