Africa Bonds
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The new World Bank president used his first public statement to pledge to increase efforts to ensure China was more transparent in its lending to Africa. -
Ecobank Transnational, the pan-African banking group based in Togo, has set the yield for a $400m five year bond at 9.75%. The size indicated is at the lower end of the $400m-$500m range it suggested earlier in the day.
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The Arab Republic of Egypt on Thursday printed a €2bn dual tranche euro deal with a massive negative new issue premium of 22bp on the longer bond — one of the largest ever negative concessions on an EM issue. The deal takes Standard Chartered to the top of Dealogic’s league table of CEEMEA bonds, though it is a title to be only briefly held as the Saudi Aramco jumbo bond is expected next week, which other banks are arranging.
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The Arab Republic of Egypt has released initial price guidance for its dual tranche euro bond at levels that two lead managers said were around 40bp back of its curve.
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JPM securitization banker leaves — Goldman Brexiter quits for politics — Balax enrols in fintech course
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Rothschild & Co has appointed Martin Kingston as executive chairman of its board in South Africa, among other personnel moves in the country.
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Three sub-Saharan African credits hit screens this week after months of capital markets absence from the continent, riding a boost from the Federal Reserve and pulling off impressive transactions with more waiting in the pipeline.
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Kosmos Energy hit screens for its planned dollar benchmark on Thursday, benefitting from the dovish tone of the US Federal Reserve’s meeting on Wednesday.
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Ghana became the first Sub-Saharan African sovereign to access the bond market this year on Tuesday, printing tranches of dollar paper on Tuesday and receiving one of the largest order books ever for a bond from the region.
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Some investors are beginning to fear that the rally in emerging markets is running out of rope. Threats to Chinese growth could carry over and damage the prospects of emerging markets economies, according to Jupiter Asset Management.
