Africa Bonds
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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. -
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.
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Standard Bank printed a $400m 10 year non-call five tier two bond on Wednesday from a book of more than $2bn in a deal that even rival syndicate bankers called a roaring success.
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Kenya hit screens on Wednesday with a dual tranche bond. Investors said initial price thoughts looked generous and so the leads were able to cut the yield by more than had been expected during execution.
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Nepi Rockcastle, a Johannesburg- and Amsterdam-listed real estate fund, printed a €500m four year bond on Wednesday. In doing so, it seemed to shake off concerns about the company raised by research firm Viceroy in November, though investors still had questions during the marketing of the bond.
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The Republic of Kenya has released initial price guidance for its latest bond issue, which two emerging markets bond investors deemed generous.
