Africa Bonds
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CEEMEA debt bankers spent Monday morning on the phone to issuers following news of a Greek bailout agreement. But prospects for supply still hinge on a Greek parliamentary vote on Wednesday, and even then not just any CEEMEA issuer will be able to launch, said debt bankers. -
South Africa firm Naspers surprised some debt bankers by positioning itself to pounce on a calm market, if such a market appears. The company is taking a dollar bond on a roadshow, which would be the first test of EM new issue premiums in almost a month.
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South Africa firm Naspers surprised some debt bankers by positioning itself to pounce on a calm market, if such a market appears. The company is roadshowing a dollar bond, which would be the first test of EM new issue premiums in almost a month.
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The Austrian subsidiary of Steinhoff International, the South African furniture retailer, has issued an inaugural Schuldschein for €650m, the second largest of the year.
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Turkey’s firms top the list of EMEA corporates most at risk from rising US interest rates and a stronger dollar, said Fitch. Although the countries with better hedged corporates are suffering from other problems, and not necessarily in a position to benefit.
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Gabon launched a 10 year $500m note this week, bolstering African issuance volumes that were already at a record high.
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As the half year point of 2015 approaches, year to date CEEMEA volumes are at their lowest in six years. No bookrunner has escaped the plunge unscathed. But some have suffered more than others, and a rare few have taken a larger share of a shrinking CEEMEA market.
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The Gabonese Republic’s recent 10 year note was trading well in the secondary market on Wednesday, after drawing a $2.75bn order book for a $500m print.
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Gabon has ended a weeks-long run of Middle East dollar benchmarks with a 10 year transaction, but National Bank of Abu Dhabi and Drake & Scull International are making sure the Middle East remains the driver of CEEMEA supply.
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The Gabonese Republic opened books on a $500m no-grow transaction on Tuesday morning, bolstering an African issuance volumes already at a record high.
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Africa’s Ecobank Transnational, the parent company of the Ecobank Group, has hired the chief executive officer of Citi’s sub-Saharan Africa division to lead its business.
