Africa Bonds
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Egypt garnered a mammoth $11bn book this week, letting it boost the size of its tap to $3bn as investors bet on a better future for the country under the stewardship of the International Monetary Fund. -
A mammoth $11bn book helped Egypt take $3bn for the price of $2bn with its triple tranche tap, according to a banker on the deal, as demand for higher yielding EM credits continues.
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Arab Republic of Egypt hit the screens on Wednesday morning with a much touted re-opening of its 2022, 2027 and 2047 bonds.
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Emerging Market Bond House of the Year
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A $2bn tap from Oman on Tuesday has pushed the CEEMEA bond market into record territory. Bond issuance stands at $100.2bn, surpassing 2013's record of $99.7bn over the same period.
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United Bank for Africa (UBA) is the second Nigerian bank in as many days to announce its intention to raise senior funding, and with Zenith Bank proving that demand for the Nigerian financial sector is rife, bankers expect the trade to go well.
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Two well subscribed efforts from Nigeria this year have reinvigorated interest in the sovereign’s growth story, and Zenith Bank will be hoping to tap into this demand as it creates a benchmark for financial issuance from the region.
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What, on Wednesday, seemed to be primary capital markets gung-ho for any deal imaginable by Thursday looked more like a market on the skids as concerns intensified over the endless controversies dogging US president Donald Trump’s administration.
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Senegal was fully rewarded for embarking on an extensive roadshow with a blowout trade on May 16, which not only repriced its own curve, but helped to reduce the borrowing costs of its peers.
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Emerging markets bond bankers can think of nothing to derail the ongoing bull-run and while this might point to hubris, this week’s trades have given no indication of fatigue.
