Africa Bonds
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While global equities appear to be tanking, emerging market bonds are once again on fire with inflows supporting propping up what seems a never ending bid, but as ever, idiosyncratic risks are playing a bum note on some deals. -
South Africa will meet investors in London and the US next week after announcing plans to borrow up to $2bn in the international markets this year.
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First Quantum Minerals raised $2.2bn for refinancing purposes on Thursday, in what was said to be the biggest corporate high yield bond issue from the CEEMEA region ever - though it was the same size as a VimpelCom deal in 2011.
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A bold £2bn mandatorily exchangeable bond issue for Anil Agarwal, founder and chairman of Vedanta Resources, captured global headlines on Wednesday and Thursday as he used it to buy a stake of about 12% in Anglo American, the mining group.
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Standard Bank filled its vacant head of DCM post with a hire from JP Morgan after Megan McDonald was promoted to head of international investment banking last year.
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Royal Bafokeng Platinum raised R1.2bn ($92m) on Wednesday with its first convertible bond, as it ramps up its investment again after a recovery in the platinum price.
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It has been all about sub debt in CEEMEA this week, as a trio of borrowers took advantage of investor appetite for yield to boost their capital bases.
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The Eastern and Southern African Trade and Development Bank (PTA Bank) raised $500m of five year funding at a yield of 5.5% on Tuesday after attracting more than $2.2bn of orders.
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The Eastern and Southern African Trade and Development Bank (PTA Bank) set initial price thoughts for a new five year dollar bond on Tuesday morning.
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Helios Towers Africa (HTA) saw its debut dollar bond more than three times oversubscribed on Wednesday as investors jumped at the chance to take in paper yielding more than 9%.
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Helios Towers Africa (HTA) saw its debut dollar bond more than three times oversubscribed on Wednesday as investors jumped at the chance to take in paper yielding more than 9%.
