Africa Bonds
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Investec brought a touch of emerging markets to the sterling FIG market on Monday, launching a seven year deal as bankers talk up the currency against euros. -
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Supranational lender Africa Finance Corp’s Wednesday debut was a “massive exercise in price discovery,” said bankers on the trade. But one that ended with the right spread and an increased deal size on the back of strong demand.
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FirstRand on Thursday printed a $500m bond with a spread of 100bp or less over the Republic of South Africa, with the order book for the deal having closed at $1.9bn.
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FirstRand has launched its $500m bond at with a spread of less than 100bp over the Republic of South Africa, with the order book for the deal having closed at $1.9bn.
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Supranational lender Africa Finance Corp’s Wednesday debut was a “massive exercise in price discovery,” said bankers on the trade. But one that ended with the right spread and an increased deal size on the back of strong demand.
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FirstRand finishes the roadshow for its senior bond on Tuesday and is likely to release initial price thoughts on Wednesday.
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Africa Finance Corp is planning to print a four times subscribed $500m debut on Wednesday afternoon.
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Morocco’s sole international corporate bond issuer returned for its second ever benchmark deal this week. The firm found size and tight pricing, printing a $1bn 10.5 year note well inside its secondary curve, said bankers on the deal.
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Investors are hoping that FirstRand, the South African bank, will be offering more generous terms for the relaunch of a Reg S senior unsecured dollar bond, having pulled the deal in November 2014.
