Africa Bonds
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Despite the end of the year fast approaching, and Venezuela’s debt saga challenging buy-side patience, investors have at least one more major test with Nigeria marketing the first sub-Saharan African 30 year sovereign bond away from South Africa. -
Money is pouring out of South African assets amid national Treasury upheaval and a warning from state owned electricity company Eskom that its liquidity levels are below where the company wants them amid a tough funding environment.
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The book for Liquid Telecom's $180m tap of its $550m 8.5% July 2022s has reached $400m.
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Liquid Telecom is planning a return to the dollar market four months after making its debut in the currency, bankers on the new deal said on Monday.
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Jordan’s sovereign rating was cut one notch to B+ by Standard & Poor’s and Angola was cut a level to B2 by Moody’s after market close on Friday, as overseas debt levels and weak growth took a toll on both countries.
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South Africa’s dollar bonds have managed to scrape through the rout on some of the country’s risk assets, after local media said the deputy president could be removed from his position and tried for treason.
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The Republic of Egypt is planning to issue a euro denominated bond, its finance minister Amr El-Garhy told GlobalCapital at the IMF Annual Meetings in Washington DC. However, investors are not convinced the sovereign will be able to get the deal done.
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Fitch took the knife to Gabon’s credit rating after market close on Friday, cutting the creditworthiness of the West African sovereign a notch to B at a time of increasing funding requirements for the country.
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Nigeria’s Fidelity Bank printed a $400m five year bond this week at the highest yield seen in emerging markets this year, and the paper was snapped up immediately in the aftermarket.
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Nigeria’s Fidelity Bank has seen its freshly printed $400m five year paper rocket in the secondary market after pricing the bond on Wednesday.
