Africa Bonds

The Republic of Angola has released initial price guidance for its dual tranche bond, which a banker away from the deal said looked generous.

The Republic of Ghana is heading off on a roadshow for 10 and 30 year bonds, with a tender offer for its existing 2022s and 2023s attached to the transaction.

Bankers do not expect Moody’s downgrade of Angola last week will have any bearing on the price of the new issue, which is expected on Wednesday.

By attracting private investors to provide risk capital to microfinance firms in the developing world, Global Parametrics is hoping to bolster insurance provision against natural disasters to families and businesses in poor countries.

Higher oil prices, a new governing regime and an agreement with the International Monetary Fund are all expected to fire up demand for the Republic of Angola’s first Eurobond since 2015, though there is a question mark over how receptive the market will be for long dated debt.

South Africa’s largest real estate investment trust (Reit) Growthpoint raised $425m on Tuesday.

Higher oil prices, a new governing regime and an agreement with the International Monetary Fund are all expected to boost demand for the Republic of Angola’s first Eurobond since 2015, though there is a question mark over how receptive the market will be for long dated debt.

Growthpoint International opened books on its new dollar bond at 6% area on Tuesday morning. The issuer has picked a five year dollar bond after postponing a euro trade last year.

South Africa’s Growthpoint has concluded its final investor meetings and is expected to open books on a five year dollar bond on Tuesday. The issuer had been considering both euros and dollars after being forced to postpone a deal in the single currency last year.

South Africa is already bearing the fruits of Cyril Ramaphosa’s two month tenure as president. Renewed buoyancy is fuelling business confidence, driving down asset prices, and supporting a strong pipeline of capital markets activity in both debt and equity, write Virginia Furness and Sam Kerr.

Barclays Africa Group made full use of the positive momentum that followed fellow South African bank FirstRand’s dollar tier two to price its own deal with a lower yield this week, despite investors initially asking for a pick up over FirstRand.

Barclays Africa Group made full use of the positive momentum that followed fellow South African bank FirstRand’s dollar tier two to price its own deal with a lower yield, despite investors initially asking for a pick up over FirstRand.