Africa Bonds

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.

Gabon on Monday raised $200m with a reopening of its bonds maturing 2025 in a week that has also kept investors in African Eurobonds on their toes with a no-confidence vote in South Africa and presidential elections in Kenya.

Gabon on Monday placed a $200m reopening of its 2025s with no new issue premium in what bankers described as good trade all round.

Gabon reopened its 2025s on Monday morning to take advantage of a recent five cash point rally in its debt.

Republic of Congo is in technical default after a $21m interest and principal payment on its Eurobond maturing 2029 did not reach investors during the 30 day grace period. The government announced plans to issue a Eurobond in its budget for the second year running, but international market access is likely to be closed until the problem is resolved, according to analysts.

Republic of Congo looked dangerously close to default on Monday morning with the bonds holding around a cash price of 70 as investors, who are waiting for a $21m interest and principal payment, await an update from the sovereign. The 30 day grace period for repayment expired on Sunday.

Steinhoff Europe made its debut in senior euro corporate bond markets on Monday and was the only issuer to offer investors a transaction on the day. The €750m 7.5 year deal followed a European roadshow last week.