Africa Bonds
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Nigeria impressed on its roadshow this week but concerns about the country’s FX regime have resulted in a wide range of feedback for pricing from investors. -
Two African sovereigns are lining up issue fresh debt in 2017, hoping to emulate the success that Egypt enjoyed last week with its $4bn blowout.
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The long drought in Sub-Saharan African bond issuance could end as early as next week after Nigeria set dates for a four day international roadshow.
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Tunisia has picked three banks for a euro-denominated benchmark transaction which looks set to be only its second deal without a guarantee since 2007.
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Africa Finance Corp (AFC) made its sukuk market debut on Tuesday with a well-received $150m private placement.
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Egypt scored $4bn with a well-timed, tightly priced dollar bond on Tuesday. The deal is Egypt’s first since a $12bn IMF extended fund facility was approved in November and is a huge vote of confidence for Egypt’s improving investment story.
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After a raft of highly rated sovereigns, two single-B rated borrowers appeared this week to offer the first opportunity to buy true emerging market credit from the CEEMEA region this year. One deal was a record for its type while the other reopened a market dormant for years. Virginia Furness reports.
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Egypt scored $4bn with its well timed, tightly priced dollar bond on Tuesday. The success of the deal was a function of both the strength of the market and the positive steps the Egyptian government has taken under its deal with the IMF.
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Emerging market investors, starved of paper so far this year, have suddenly been flooded with interesting credits, and as Egypt’s blowout trade shows, they were ready for it.
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Egypt opened books on its triple tranche dollar bond on Tuesday amid a swell of positive sentiment towards the country following recent comments by the IMF noting high satisfaction with its progress under its extended fund facility.
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Arab Republic of Egypt’s roadshow schedule next week is packed out, suggesting ample interest in the sovereign’s slowly improving story as it nears its first bond sale in two years, according to bankers on the deal.
