Africa Bonds
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Books had reached $4bn on Tuesday before the US market opened for Senegal’s latest dollar outing, an amortising note maturing in 2033. Bankers and investors away from the mandate said they did not envy those dealing with the allocation process. -
Senegal has launched its 2033 amortising note to raise $1.1bn after books reached $7.7bn at 8:30am New York time on Tuesday.
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The price of oil provided a point of focus for emerging markets this week after a barrage of other macro events came and went without too much concern. Easing sales of Brent crude created a decent window for Senegal to bring its first dollar trade in almost three years.
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New deals from the Middle East and Africa are beginning to flow as EM’s hot run gathers momentum. In the Gulf Cooperation Council, Saudi Electricity Co (Seco) and Oman Electricity Transmission are exploring dollar opportunities as Abu Dhabi Commercial Bank plots a comeback. Further south and west, Senegal has picked leads for a dollar comeback as the market awaits the results of Ivory Coast’s RFP.
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Senegal will meet investors next week ahead of a potential return to the dollar market for the first time in nearly three years.
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The International Finance Corp and fund manager Amundi have announced plans for a $2bn fund to buy green bonds issued by emerging market banks — one of the most promising moves yet to help the global interest in green bonds actually make a difference to the environment.
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The Eastern and Southern African Trade and Development Bank (PTA Bank) made a rapid return to the US dollar market on Thursday with a tap of its March 2022s.
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The Eastern and Southern African Trade and Development Bank (PTA Bank) returned to the dollar market on Thursday morning with a reopening of its March 2022s.
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Petra Diamonds cut through a rough period for South Africa to print a $650m five year bond this week — but the deal is not evidence that the market is open to all borrowers from the country as Petra outshines the rest, said bankers.
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Africa Finance Corporation was on track to print a seven year bond on Thursday and had taken orders of $1.9bn on Thursday morning.
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Petra Diamonds became the first South African issuer to test the markets in the wake of an aggressive cabinet reshuffle that saw the dismissal of respected finance minister Pravin Gordhan last week.
