Africa Bonds

Barclays Africa was on track to make it two South African tier two bonds in a week on Wednesday, and began pricing by offering a pick-up to rival FirstRand.

The CEEMEA bond market has proved resilient to the asset price crippling effects of the latest US sanctions against Russia with little evidence contagion. A steady stream of new issues this week confirmed that it is business as usual in the bond markets.

South Africa’s FirstRand Bank issued the first Basel III compliant tier two bond from the country on Monday, as South Africa’s banks look to capitalise on improving sentiment towards the country to diversify away from a ready domestic market.

FirstRand Bank was on track to open the market for South African tier two issuance ahead of Barclays Africa, which is lining up a trade for later this week.

Growthpoint, the Johannesburg-listed property company, is returning to the market after its deal was derailed last December by the fall of retail giant Steinhoff.

Egypt paid a generous spread to access euros on Monday, during a volatile day for emerging market assets.

Yvette Babb, a strategist in JP Morgan’s emerging markets research team, has joined NN Investment Partners.

FirstRand Bank has announced plans for a three day global roadshow ahead of a planned inaugural dollar-denominated tier two issue.

Egypt opened books on its debut dual tranche euro issue on Monday, following investor meetings in Europe last week.

Three CEEMEA issuers are embarking on roadshows — the Arab Republic of Egypt, Sharjah Islamic Bank and Kazmunaygaz.

South African bonds started the week on an upbeat note following Moody's announcement on Friday that it would not remove the country’s last investment grade rating.

Republic of Mozambique met bondholders in London on Tuesday to lay out the long awaited terms of a restructuring package. It was more severe than anticipated and a group representing bondholders rebuffed the offer.