Africa Bonds

Naspers returned to the eurobond market after a two year absence on Thursday, releasing initial price thoughts for a new dollar benchmark.

For emerging market bond investors, every crisis is an opportunity as inflows into the asset class continue to compress yields. Russia, commodity exporters and Mozambique are in focus this week.

Ghana Cocoa Board held a successful roadshow in London on Friday for its annual cocoa harvest loan financing, according to a banker on the deal.

Boutique banking firm MetZurich has hired two bankers from Investec who left the firm earlier this year when the bank effectively closed its emerging markets business.

Mozambique's debt saga reached an important milestone on Saturday with the publication of an independent audit of the country’s debt by risk assessment firm, Kroll. While the findings, which included $500m of unaccounted for funds, may have disappointed investors, the country’s tightly held Eurobonds were unmoved on Monday.

Nigeria’s debut diaspora dollar bond sold off sharply in secondary trading as the decline in oil prices weighed on investor sentiment.

South African internet group Naspers and pan-African fibre cable provider Liquid Telecom are looking to add to what has been the busiest month for African issuance since July 2014. But an oil-related sell-off this week may mean tougher conditions for Liquid Telecom in particular next week.

South Africa-based media group Naspers is looking to add to what has been the busiest month for African issuance since July 2014 but an oil-related sell-off this week suggests that the company may have missed the golden window.

South Africa’s Sibanye Gold attracted more than $2bn of demand for a debut dual-tranche Eurobond on Tuesday.

Nigeria priced sub-Saharan Africa’s first diaspora bond comfortably inside initial indications on Tuesday after two days of bookbuilding. However, the bonds, which were printed at 5.625%, had widened to nearly 6% by midday Tuesday and have stayed around that level.

It is tale of the haves and have nots in EM this week as Argentina’s surprise 100 year bond received a $10bn book but Nigeria’s diaspora bond underwhelmed and prompted a widening of the sub-Saharan African sector.

Emerging market governments must lead the way in green bonds to encourage corporates to enter the market around the world, according to Rahul Ghosh, a senior credit officer at Moody’s.