Africa Bonds

Reports that Mozambique will not honour a $178m loan interest repayment on Mozambique Asset Management debt due next week have prompted a further fall in Mozambique’s sovereign bond trading.

Afreximbank printed a bond of superlatives on Tuesday, achieving its biggest ever book and largest trade. But bankers on and off the deal debated whether the African supranational priced the note flat to or inside its curve.

Afreximbank printed a bond of superlatives on Tuesday, achieving its biggest ever book and largest trade. But bankers on and off the deal debated whether the African supranational priced the note flat to or inside its curve.

Afreximbank was offering 25bp-30bp new issue premium at guidance stage for its new five year dollar benchmark note on Tuesday.

African Export-Import Bank has mandated six banks for a benchmark dollar bond roadshow that starts on Thursday.

A consortium including Bob Diamond’s Atlas Merchant Capital is still pursuing a potential bid for Barclays Africa, even after Barclays sold a 12% stake in it in a block trade on Wednesday night, and a senior regulator said a private equity bid would not be welcome.

Investors are running to Daddy over Mozambique’s debt position. In this case, Daddy is the IMF, which is being asked to report the state of play in the country’s debt. But the IMF is right not to want any involvement. This is a risk for investors to handle.

The IMF has confirmed to GlobalCapital that neither Mozambique’s Standby Credit Facility (SCF) nor the Policy Support Instrument (PSI) have been cancelled, as had been misreported by several news outlets. But bondholders are still calling for clarity over Mozambique's external debt.

ICBC Standard Bank has hired a head of corporate and bank sales, with additional responsibility for financing solutions.

The president of the Asian Infrastructure Investment Bank, Jin Liqun, tells Emerging Markets that he expects strong demand for its debt and reveals that he is looking to invest in emerging economies across the world as well as in Asia.

Banque Ouest Africaine de Developpement raised $750m with its debut international dollar note on Thursday after the US Federal Reserve left rates unchanged on Wednesday.

Banque Ouest Africaine de Developpement opened guidance on its debut dollar note on Thursday after the US Federal Reserve left rates unchanged on Wednesday.