Africa Bonds
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Nigeria is reopening outstanding Naira bonds and has picked banks for a roadshow starting on July 21. -
Luxembourg’s KBL Bankers returned as a primary dealer for the International Islamic Liquidity Management Corp’s seventh sukuk, as the company reissued its rolling $860m of three-month commercial paper on Thursday.
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The South African sovereign and First Bank of Nigeria opted to open books on Thursday despite coinciding with a wide scale sell-off in Russian risk. Both issuers priced successful deals on the same day, although debt bankers away from the South African bond wondered whether the sovereign should have postponed it.
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Cote d'Ivoire took another step on the road to recovery with a hugely successful $750m 10 year bond this week. Investors, analysts and syndicate officials all had their own ideas on pricing. But in the end the leads priced the deal some 50bp tighter than most investors had asked for and still watched the bond trade up in the secondary market.
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Ivory Coast’s new $750m 10 year bond was up 40 cents in the secondary market on Thursday, despite being priced with a yield that was 50bp tighter than most investors had asked for, said debt bankers involved.
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Aveng launched a R2bn ($187m) convertible bond on Wednesday morning, with the deal emerging during a tougher times for the South African construction and engineering firm.
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Ivory Coast opened books on a 10 year dollar bond on Wednesday but political uncertainty and a chequered repayment history made for varying views on pricing, with opinions on the yield guidance ranging from “a bit tight” to “slightly cheap.” But the sovereign had no trouble attracting interest, with UK and European order books going subject by 10am GMT.
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A dispute between shareholders of the Algerian subsidiary of Bahrain’s Al Salam has seen Algeria’s central bank commission place the bank under temporary administration.
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The Republic of Senegal starts investor meetings next week for a Eurobond. Ivory Coast is already on the road for its own deal. Should both issuers pick the same maturity — 10 years is popular with African sovereigns — bankers on the Senegal deal expect the two credits to price close together. Analysts, however, disagree about specific yields, but think Senegal will have to price wider.
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Helios Towers Nigeria sold a debut dollar bond on Tuesday — only the second international corporate bond from that country. The notes offer a useful new benchmark for Nigerian corporates, with at least one follow-on deal expected in the next few weeks. On the financial side First Bank of Nigeria began a roadshow ahead of a tier two subordinated note. But First City Monument Bank postponed a debut bond deal, after failing to see eye to eye with investors on pricing.
