Africa Bonds
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IFC has issued its first ever rand denominated green bond as it continues to expand its global programme of climate aware financing. -
The Republic of Cameroon’s $750m 9.75% amortising dollar 2025s were bid around a point lower than reoffer on Monday morning, as lead managers Société Générale and Standard Chartered Bank released book statistics for the trade.
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The Republic of Cameroon reverted to launching its bond at a yield of 9.75% on Thursday — in line with initial price talk but at the wide end of the updated pricing range — in order to secure a larger deal than was on the table at the tightened level.
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Standard Bank’s head of research for Africa has left the bank.
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Cameroon has released price guidance at 9.75% area for an amortising dollar benchmark, lining it up to be one of the highest yielding CEEMEA sovereign bonds of the year.
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Angola’s years long journey to the Eurobond market ended this week with a hot 10 year deal, which soared in the secondary market. The importance of fresh cash for the dollar starved state overrode pricing criticism, while the deal laid down a marker for what oil states can do in bond markets. Steve Gilmore reports.
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The cash strapped Republic of Angola had its prayers answered with a successful $1.5bn Eurobond this week, which it priced some three years after first starting to pick leads. Rival bankers did not see eye to eye on final pricing, but the injection of foreign currency into the government’s coffers was still a boon for Angola’s finances, said analysts.
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Angola opened books on a long awaited Eurobond on Wednesday morning with price thoughts that instantly caused disagreement among debt bankers away from the deal.
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The Republic of Cameroon is embarking on a roadshow in Europe and the US on Thursday.
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The Republic of South Africa starts a non-deal roadshow next week following a recent medium term budget policy statement, but also has a firm mandate outstanding for an international bond deal.
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The African Development Bank slipped in with a two year dollar syndication before a US Federal Open Market Committee meeting this week, which was priced all but flat to the borrower’s curve.
