Africa Bonds
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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. -
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.
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UBS has hired Brian Smith as country head for South Africa and head of investment banking for sub-Saharan Africa.
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The Gabonese Republic and MFB Hungarian Development Bank have little in common, other than being the best prospects to break the Middle East’s dominance of the CEEMEA benchmark market.
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The Gabonese Republic has picked banks for a dollar benchmark deal and starts a roadshow on Thursday.
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The Middle East is still churning out deals and replenishing its pipeline, but a Gabonese Republic mandate offers hope of some diversification in CEEMEA. Petrobras and Buenos Aires, meanwhile, are among the names lighting up the Latin American bond markets.
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A group of small shareholders in Afren, the embattled London-listed oil exploration company, is striving to block Afren's restructuring agreement with its creditors.
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Afren, the troubled oil exploration company, has decided not to pay the $12.8m of interest which was due on its 2019 bonds on April 8, 2015, despite having raised $200m of interim funding on April 30.
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Afren, the troubled oil exploration company, has avoided imminent bankruptcy with a $200m lifeline credit facility. The money injection follows a tense restructuring process in which two Nigerian banks dictated terms to a group of global financial giants, writes Olivier Holmey.
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Mining company Petra Diamonds closed a successful $300m debut deal on Wednesday — the only one from the CEEMEA region this week in dollars or euros. The bond was trading well in the secondary market on Thursday with the order book having drawn over $1.1bn.
