Africa Bonds
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The party looks to be over in emerging market bonds leaving borrowers with one heck of a funding hangover. Years of low rates have prompted a debt splurge from borrowers able to fund at ever lower coupons. But just as dollar rates are on the increase, those credits are racing towards a $2tr maturity wall and the problem of how to refinance it in a market that has presented clear symptoms of risk fatigue this year shows no sign of abating. Lewis McLellan and Francesca Young report. -
Société Générale has agreed to pay $1.34bn in fines and an enhanced monitoring programme for violating US sanctions against Cuba, Iran, Sudan, Libya, Myanmar and North Korea, according to notices issued by US agencies on Monday.
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Nigeria was on Wednesday able to print the full size of the bond issue approved by its parliament, paying up for the privilege but drawing praise for managing a market that proved too tough for many.
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MetLife, the US insurance company, has made an unusual investment as part of its impact investment portfolio, which has about $200m of assets. It is providing a revolving credit facility to an impact investment fund, to enable it to cope more easily with redemptions.
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Nigeria is back in capital markets, undeterred by a volatile backdrop that has kept other borrowers from accessing the market.
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Two emerging market borrowers have been forced to postpone planned deals this week, with investors demanding better yields to risk their cash in the volatile market.
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Nigeria hit screens on Monday afternoon to announce a roadshow for a triple tranche dollar bond, confirming rumours of a planned capital markets return that began circulating last week.
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The Seychelles’ $15m blue bond, issued last month to finance sustainability improvements to its maritime economy, was designed to satisfy all the needs of socially responsible investors and could therefore be used as a template, according to bankers at Standard Chartered who worked on the deal.
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Nigeria is rumoured to be planning the sale of a dollar bond, returning to the market for the first time since February.
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The Republic of Mozambique said on Tuesday that it had reached an agreement in principle with bondholders on a restructuring of its $726.5m 10.5% 2023s, which defaulted two years ago.
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