Africa Bonds

The Republic of Tunisia hit screens on Thursday, announcing a roadshow to promote a euro benchmark — the nation’s first since February 2017.

Renaissance Capital has appointed Marios Hadjiyiannakis as chairman of the board of directors in Egypt, and Amr Helal as chief executive officer for North Africa.

The advance of global warming, highlighted by the Intergovernmental Panel on Climate Change’s report this week, not only demands that the private sector accelerate efforts to cut carbon emissions. Companies must also adapt to the changing climate – and this will involve interacting in new ways, experts say.

Afreximbank was able to launch a $500m five year dollar transaction, pulling in the spread despite what a banker at one of the leads called 'choppy conditions'.

The order book for Afreximbank’s revived five year dollar benchmark had filled with more than $1bn of orders by Thursday lunchtime, according to a banker close to the deal.

Dmitry Gladkov has been promoted to be Renaissance Capital’s acting global head of investment banking, replacing James Friel.

Ghana is not preparing to issue 100 year bonds this year, according to deputy finance minister Charles Adu Boahen, but has not ruled them out for 2019, although the nation is looking at different opportunities to raise long term capital.

Investors, bankers and traders have lined up to pour scorn on Ghana finance minister Ken Ofori-Atta’s expectations that the country will issue $5bn-$10bn of century bonds before the end of the year, the first part of a plan to sell $50bn of such bonds.

Carl Mace has started at ICBC Standard Bank to trade hard currency EM sovereign debt.

South African chemicals and energy company Sasol has released initial price thoughts on a dual tranche dollar bond on Thursday morning in London.

More supranational banks will use synthetic securitization and other risk transfer techniques, specialists believe, after the African Development Bank’s trailblazing $1bn deal, revealed this week, writes Jon Hay.

The African Development Bank has become the first supranational bank to use a securitization sold to private investors to free up balance sheet capacity. The deal, four years in the making, demonstrates a new technique that could expand development banks’ firepower to promote development.