Africa Bonds
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The Republic of Niger has signed an agreement with the Islamic Development of the Private Sector (ICD) to set up a CFA150bn ($259m) sukuk programme. -
Ivory Coast is marketing its new 12 year amortising note at 6.875%, a level that offers around a 37.5bp new issue premium.
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Angola may have progressed to printing bonds in the public market, but the lure of opaque African private placements will continue to tempt others.
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Angola has mandated banks for its next Eurobond but found its options limited as three major EM houses revealed they cannot or will not lead its deals.
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Ivory Coast is marketing a 12 year amortising note. After receiving $4.7bn in orders for its 2024s last year, it has shrugged off a history of defaults.
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The Republic of Cameroon has picked Société Générale and Standard Chartered Bank to arrange a bond, which looks likely to be up to $1.5bn. The bond would be Cameroon’s debut.
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South Africa is turning its attention to the domestic sukuk market following its international debut last year, the head of the country’s debt issuance department told GlobalCapital Emerging Markets.
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South Africa is turning its attention to the domestic sukuk market following its international debut last year, the head of the country’s debt issuance department told IFIS.
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Citi has promoted Aziz Rahman to head of corporate finance for sub-Saharan Africa, filling the role left vacant by Martin Mugambi late last year when he moved to become CCO of Zambia.
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Despite the strong success of several emerging market issuers — Halkbank, National Bank of Abu Dhabi, and Eustream — with bonds last week, other borrowers have refrained from issuing so far this week, leaving the focus on liability management, mandates and roadshows.
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The Republic of Cameroon has picked Société Générale and Standard Chartered Bank to arrange a bond, which looks likely to be up to $1.5bn.
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Struggling South African electricity provider Eskom paid up to 40bp new issue premium to place its $1.25bn 10 year bond on Thursday. Investors responded positively to the offer, despite the ongoing problems faced by the state owned company, according to bankers.
