Africa Bonds
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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.
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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.
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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.
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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.
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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.
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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.
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The Federal Republic of Nigeria has released price guidance for the tapping of two of its outstanding naira bonds. The 15.1% April 2017s have initial guidance out at 11.35% area and the 19.39% January 2022s are talked at 12.25% area.
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Nigeria's Seven Energy has revised price guidance to 9.5% area for its seven year non-call three bond and is expecting to price the note on Thursday. Books for the note have already gone subject in Asia and Europe and will do so in the US at the end of the day in London.
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Seven Energy has released initial price thoughts of mid-9% area for a seven year non-call three bond of around $500m. The roadshow for the deal ended on Tuesday and the Reg S/144A note is expected to be this week’s business.
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