Africa Bonds
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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.
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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.
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The African Development Bank’s $1bn synthetic securitization is not its first risk transfer transaction, and will not be its last. The bank has marked itself out as a leader in this sphere, though the effort to get such techniques to work is also highly collaborative.
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The European Commission has unveiled a portfolio of financial guarantee transactions it is doing to support development in Africa and regions bordering the EU. Among them are two programmes conducted by the African Development Bank, including its new synthetic securitisation.
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African borrowers will soon add a new flavour to the wave of Middle Eastern issuance that has so far dominated the autumn pipeline.
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Renaissance Capital has hired a new director for its DCM team as part of the bank’s expansion of its capital markets business in Africa.
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South African precious metals mining company Sibanye Stillwater has launched a tender process to repurchase some of its high yield and convertible bonds.
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The Republic of Angola's bonds rallied some 40bp on Monday after its ministry of finance said that it had sought financial support from the International Monetary Fund, but lost some of those gains as rumours of new dollar issue surfaced.
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Mozambique’s bondholders have presented a restructuring proposal to the government, following their rejection of Mozambique’s proposed package in March.
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South Africa state-owned utility Eskom’s return to the international bond markets on Thursday was hailed as proof of the faith investors have in Cyril Ramaphosa, the country's president. And it could well mark the beginning of the country’s rehabilitation in the debt capital markets as Eskom is widely thought of as South Africa’s biggest and most public financial problem. Francesca Young reports.
