Africa Bonds

The Republic of Ghana has picked banks for a dollar benchmark deal that is likely to come with a partial guarantee from the World Bank’s International Development Association (IDA).

Angola has updated the mandate for its debut public Eurobond again, naming Deutsche Bank, Goldman Sachs and ICBC as leaders of the deal, according to two bankers away from the controversial financing.

Angola has updated the mandate for its debut public Eurobond again, including a different European bank this time around.

Brait, the South African private equity firm listed in Luxembourg and Johannesburg, issued a £350m convertible bond on Friday September 11. A banker at one of the leads said the deal, a true credit instrument, was very unusual for a company of this kind.

Africa Finance Corporation (AFC), a pan-African multilateral development finance institution, has returned to the market with a short dated medium term note and could print in the format again soon.

The Federal Democratic Republic of Ethiopia has embarked on a non-deal roadshow, with Lazard engaged as financial advisor and Deutsche Bank and JP Morgan helping to arrange investor meetings.

Outflows from emerging market portfolios since the August unrest are edging ever closer to the volumes seem during the Taper Tantrum of 2013.

BNP Paribas has walked away from a African sovereign bond mandate because of compliance issues. The bond, for Angola, is expected to have a size of at least $1bn.

BNP Paribas has been forced to return another bond mandate in the emerging markets because of compliance issues.

A week of equity market madness has left many Middle East and African bonds anywhere from 20bp to over 100bp wider since Monday, and dashed hopes of a rousing restart to CEEMEA supply come September. But for the Middle East, at least, debt bankers are looking forward to a bumper 2016.

AngloGold Ashanti is offering to purchase for cash up to $810m of its $1.25bn 8.5% 2020s, surprising some analysts who had been expecting the company to wait until the call date on the notes next year to repurchase the bonds.

Plunging Middle East stock markets have yanked bond spreads wider in their wake and raised doubts about the chance of a strong CEEMEA restart in September.