Africa Bonds
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Republic of Mozambique’s new 2023 sovereign bonds, the result of a debt exchange process of Ematum bonds, are due to settle on Wednesday. But some investors are claiming the process has done lasting damage to the country's reputation in the capital markets. -
Standard & Poor’s has downgraded Mozambique’s foreign currency rating after what it considers to be a distressed debt exchange of state-run tuna company Ematum’s 2020 notes.
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The International Finance Corporation on Wednesday placed the first bond denominated in Namibian dollars from an issuer outside the country.
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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.
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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.
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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.
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The proposed restructuring of Mozambique’s “tuna bonds” would not constitute a default event, Fitch Ratings said on Monday.
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Ghana is undertaking a non-deal roadshow at the start of April.
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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.
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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.
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Standard Bank, the largest African bankin group by assets, has appointed Will Thorp as chief executive officer of its offshore business.
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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.
