Africa Bonds

Abu Dhabi airline Etihad Airways has launched a Schuldschein for €150m denominated in euros and dollars, the first ever for a Middle East borrower, according to one market participant.

South Africa’s Cell C is expected to print its debut dollar bond on Wednesday, a secured note which will be appeal more to high yield buyers than emerging markets investors, according to an EM buy-side analyst.

The finance minister of Mozambique met investors in London on Tuesday to discuss a debt restructuring and disclosed that it had “no capacity to pay” back investors.

While Access Bank safely landed its dollar Eurobond last week, the outlook for Nigerian banks seeking new loans is cloudy.

IHS Nigeria printed the largest ever deal from an African sub-investment grade issuer on Wednesday, raising $800m with a five year non-call two. The deal is testimony to Africa’s improving infrastructure scene, and sets a strong tone for Access Bank, which finished roadshows this week.

IHS Nigeria printed the largest ever deal from an African sub-investment grade issuer on Wednesday, raising $800m with a five year non-call two trade. The deal marks a success for Africa’s improving infrastructure story.

IHS Nigeria was on track to print its five year non-call deal on Tuesday having circulated initial price thoughts at mid-9% area.

The Republic of Namibia, which has outlined plans to issue around $5bn of loans and bonds over the next 10 years, is to undertake a non-deal roadshow with fixed income investors in the US and UK.

Kemi Adeosun, the finance minister of Nigeria, has attacked the “hypocrisy” of Western governments in stopping developing countries accessing development bank finance for coal power.

MTN Group, the South African telecoms company, priced $1bn of five and 10 year bonds on Wednesday in line with initial guidance that some investors said was generous.

South African telecoms company MTN finally emerged with a dual-tranche dollar deal on Wednesday morning more than three weeks after finishing investor meetings.

After a slow start to the week, emerging market investors were offered a smorgasbord of options as borrowers from four continents and across the credit spectrum launched bonds in dollars and euros.