Africa Bonds

African Export-Import Bank is setting off on a dollar roadshow to market a benchmark, Reg S dollar bond with a tenor of five to seven years.

The strengthening dollar is wreaking havoc for emerging market bond investors as assets in local currencies and dollars alike take a hammering.

The European Bank for Reconstruction and Development is in the midst of its first annual meeting in the Middle East, and its president has again floated the idea of another big expansion of the bank’s remit to include sub-Saharan Africa.

Standard Chartered managing director and head of Africa DCM James Nelson is returning to London after two years in Dubai.

South Africa’s Absa is looking to establish a corporate and investment banking unit in London, and is actively in the process of hiring DCM and syndicate bankers, according to sources.

The Republic of Angola raised $3bn this week with its first Eurobond since 2015, after a juicy yield and a positive narrative about reform in the country enticed investors to place $9bn of orders.

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.