Africa Bonds

The Republic of South Africa has scheduled investor meetings in September for its debut international sukuk, bringing closer to reality its plans to be among an expected flurry of deals before the end of the year.

The Republic of South Africa has set investor meetings in September for its debut international sukuk, solidifying its plans to issue among the flurry of sovereign Islamic notes expected before the end of this year.

The Republic of South Africa has set investor meetings in September for its debut international sukuk, solidifying its plans to issue among the flurry of sovereign Islamic notes expected before the end of this year.

Ghana is expected to undertake a liability management exercise on its $750m 8.5% 2017s alongside the new Eurobond it is planning for September, said a banker away from the deal.

Egyptian financial authorities will meet with market participants on Wednesday to discuss a revised version of the country’s sukuk law, an official at the Egyptian Financial Supervisory Authority (EFSA) told IFIS.

Giles Borten, co-head of EMEA corporate debt capital markets and sole head of EMEA leveraged finance at UBS, has left the bank, according to an internal memo seen by GlobalCapital.

Ecobank Nigeria has priced its $200m seven year non-call five deal at a yield of 9% with a large tightening in price guidance, brushing aside sceptics who said printing a note this week would be challenging.

The International Swaps and Derivatives Association on Wednesday delayed its ruling on whether $900m of credit default swaps relating to Banco Espírito Santo would transfer to the newly created Novo Banco, or remain in the rump bad bank. While chances of recovery of sub debt investments seem slim, BES’s creditors may be able to take some solace from the apparent transfer of loans to BES Angola to bridge bank Banco Novo.

Ecobank Nigeria has priced its $200m seven year non-call five deal at a yield of 9% with a large tightening in price guidance that seemed to brush aside critics who said printing a note this week would be challenging. But the note was sold with a size that several syndicate officials away from the deal said was smaller than the “benchmark” size originally advertised.

Ecobank Nigeria has released initial price thoughts at high 9% area for a benchmark seven year non-call five bond. Some bankers away from the subordinated note had questioned whether the deal would be well received after Seven Energy’s note was postponed last week because of market volatility but the books are already covered, according to a syndicate official on the deal.

Caught up in the sell-off in the emerging markets, issuers from the CEEMEA region have been reluctant to come forward for new bonds this week.

Bailed out Portuguese lender Banco Espírito Santo has been hit with fresh bad news, as Angolan authorities announced they would no longer guarantee the loan book of BES’s subsidiary in the country. Meanwhile, buyers of credit default swaps (CDS) on BES’s sub paper are expected to be told that the protection contracts are worthless due to the nature of the breakup of the bank.