Africa Bonds

Standard Bank has closed a sale of 60% of its markets business to Industrial and Commercial Bank of China, a deal which the bank will use to further “the group’s growth strategy in South Africa, and across the African continent.”

African sovereign sukuk issuance could grow in the next two years, Bank of London and the Middle East (BLME) believes. But other analysts predict only one or two Africa sovereigns will follow South Africa into the international sukuk market.

Egypt is preparing to follow Tunisia’s landmark return to the international bond market as investors shrug off conflict in Syria and the oil price’s collapse to regain appetite for Middle Eastern credits. Underscored by this week’s $1bn deal, confidence in the region has rebounded to levels last seen before the Arab Spring in 2011, writes Virginia Furness.

A strong reception to a 10 year Eurobond from Tunisia this week — its first conventional bond since the Arab Spring —is proof that the country is on the right path in terms of financial autonomy, according to bankers.

A strong reception to a 10 year Eurobond from Tunisia this week — its first conventional bond since the Arab Spring — marks a large step towards Tunisia’s political and economic rehabilitation, said emerging markets bankers.

The Republic of Tunisia is planning a five year dollar denominated sukuk in the third quarter of this year and is considering what assets to use, Hakim Ben Hammouda, the country’s finance minister, told GlobalCapital Emerging Markets.

A strong reception to a 10 year Eurobond from Tunisia this week — its first conventional bond since the Arab Spring — marks a large step towards Tunisia’s political and economic rehabilitation, said emerging markets bankers.

The Republic of Tunisia is planning a five year dollar denominated sukuk in the third quarter of this year and is considering what assets to use, Hakim Ben Hammouda, the country’s finance minister, told IFIS.

Republic of Tunisia made its standalone return to the capital markets on Tuesday with its first non-agency guaranteed bond since the Arab Spring.

Republic of Tunisia made its standalone return to the capital markets on Tuesday with its first non-agency guaranteed bond since the Arab Spring.

Eskom Holdings is meeting investors for its first international bond since July 2013 and the first corporate CEEMEA bond of this year.

Tunisia has picked banks for a 144A/Reg S conventional dollar deal and starts investor meetings on Friday. The lead manager line-up contains some of the same banks that were attached to a debut sukuk the sovereign had intended to launch in 2014. But that transaction — although still planned — has been delayed while Tunisia tweaks its sukuk legislation, said debt bankers.