Africa Bonds
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Investor appetite for yield and renewed confidence in the Nigerian financial sector helped United Bank for Africa (UBA) size an inaugural dollar bond at the top end of the target range on Thursday. -
United Bank of Africa (UBA) is set to become the second Nigerian lender to tap the dollar market in less than two weeks after emerging with pricing for a debut five year deal on Thursday.
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EM is back to work after the long weekend with Ivory Coast naming banks for its long awaited bond, and Norilsk Nickel and Tinkoff Bank from Russia, announcing their intention to issue new debt.
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The drought of equity-linked bond issuance in EMEA has suddenly ended this week, with the launch of two deals in three days, by GN Store Nord, the Danish maker of hearing aids and audio devices, and Impala Platinum Holdings, the South African mining company.
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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.
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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.
