Africa Bonds

Nigeria’s Fidelity Bank has caught the eye of yield hungry investors after announcing initial price thoughts of 11% area on a five year dollar trade.

Pan-Africa lender Guaranty Trust Bank has bought back $123.1bn of its outstanding bonds, making it the second African bank to address its upcoming maturities. Nigeria’s Fidelity Bank is looking to issue fresh debt to finance a buy-back of its $300m 2018s.

With 65m people displaced worldwide, the refugee crisis can seem insurmountable. But despite this daunting scale, initiatives are being tried that could help some of those affected. Citigroup’s charitable foundation is giving $2m to a project to train refugees for the job market and entrepreneurship, in Greece, Jordan and Nigeria.

Nigeria’s Fidelity Bank is planning to finance a buy-back of its $300m notes due 2018 with a new issue, as the country’s banks look to address upcoming maturities in 2018 and 2019.

Anil Agarwal, founder of mining group Vedanta Resources, has managed to surprise the stockmarket with the same trick twice. But as Jon Hay and Aidan Gregory write, his intentions in buying another £1.5bn of shares in Anglo American are anything but clear, and he is paying a high price for influence.

South Africa has printed a $2.5bn dual tranche bond that analysts said was attractive despite the country’s recent economic and political woes.

Sibanye Gold, the South African gold miner, took the final step towards refinancing its acquisition of US platinum miner Stillwater on Tuesday, when it issued a $450m convertible bond.

Millicom International Cellular has added to a growing corporate bond pipeline this week with a 10 year non-call five note, which will be combined with a buy-back.

Republic of Congo’s 6% 2029s jumped nearly 10 cash points after restraining orders on the issuer’s trustee, which prevented payments reaching bondholders, were lifted.

Standard Bank of South Africa is looking to raise funding in what will be its first international markets deal for 10 years, according to sources.

Angola’s ministry of finance has been given approval to issue up to $2bn of Eurobonds this year though concerns about the country’s rising debt servicing costs led S&P to downgrade it to B- on Friday.

South African mobile operator Cell C completed the restructuring of its debt this week, following a R16.4bn ($1.2bn) recapitalisation by new and existing shareholders.