Africa Bonds
-
Zambia has picked banks for a dollar bond and finishes a roadshow next week. Stabilising copper prices have raised some analysts' outlooks on Zambia's existing Eurobonds, although those notes dropped in the secondary following announcement of a new trade.
-
CEEMEA borrowers pounced on a clear window this week and paid for it with premiums as high as 50bp. But while everyone talks about the size of the concessions, it's worth noting that issuers showed the maturity to accept them. -
South African firm Naspers opted for a 10 year tenor for its first deal in two years. Debt bankers away from the deal applauded the decision, but could not agree on the premium the deal offered.
-
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.
-
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.
-
The Austrian subsidiary of Steinhoff International, the South African furniture retailer, has issued an inaugural Schuldschein for €650m, the second largest of the year.
-
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.
-
Gabon launched a 10 year $500m note this week, bolstering African issuance volumes that were already at a record high.
-
-
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.
-
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.
