Africa Bonds

A slew of unusual CEEMEA issuers this week announced plans to meet with investors: Global Ports Investments, Kenya, Ahli Bank Qatar and Alternatifbank. Some are specified as non-deal meetings while others are focussed on specific deals.

Kenya has mandated three banks for a non-deal roadshow and is “expecting” questions around the rumours about alleged misuse of funds from its last Eurobond outing in 2014.

Holders of Mozambique’s “tuna bonds” have until close of business on Tuesday to accept a restructuring proposal after an early bird deadline was extended.

The proposed restructuring of Mozambique’s “tuna bonds” would not constitute a default event, Fitch Ratings said on Monday.

Ghana is undertaking a non-deal roadshow at the start of April.

Sappi Papier, the Austrian-South African paper manufacturer, sold €350m of secured notes at 4% to refinance its 2021 dollar bond, in a European high yield market that has brought forward its post-Easter pipeline of deals.

Sappi Papier, the Austrian-South African paper manufacturer, is seeking to issue €350m of secured notes to refinance its 2021 dollar bond, in a European high yield market that has brought forward its post-Easter pipeline of deals.

Standard Bank, the largest African bankin group by assets, has appointed Will Thorp as chief executive officer of its offshore business.

Barclays’ plan to cut its exposure to African operations has left emerging market bond and loan bankers puzzling what future the firm has in the region — historically one of its areas of strength within CEEMEA — but it will leave the UK firm better capitalised.

Barclays shareholders are used to the share price plunging on results day, but Tuesday's 10% fall by noon was a lot worse than usual. The main shock of the first results since Jes Staley took over as chief executive in December was a 54% cut in the dividend for 2016 and 2017.

Reports that Barclays will exit its African operations, known locally as Absa, have left emerging market bond and loan bankers puzzling what future the firm has in the region — historically one of its strengths within CEEMEA — but it is thought it will leave the UK firm better capitalised.

Standard Bank has denied a Reuters news report on Tuesday it is ceasing business on the EM desk that focuses on high yield.