Africa Loans

Afreximbank has mandated 14 banks to syndicate a $700m loan, a little over a week after securing a Samurai facility of around $100m.

Even as South Africa and Halkbank prove that idiosyncratic risks are ever present in in emerging market bonds, conditions remain beyond syndicate bankers wildest dreams. That is good news for the bulging pipeline.

African Export-Import Bank has tapped into Asian liquidity with a Samurai syndicated loan, paving the way for other African borrowers.

India’s Jindal Steel and Power (JSPL) is negotiating with lenders to extend maturities on syndicated and bilateral loans worth a total of about $760m, according to sources. With commodity prices having come out of last year’s lows, lenders are thawing to the sector but will continue to approach it with caution, writes Shruti Chaturvedi.

Kenya finally launched an $800m loan into syndication after the appearance of another deal for the government delayed the process.

South Africa’s Nedbank is dipping its toes into Asian liquidity for a $350m three year bullet that gives lenders the option of committing in dollars and euros.

Etisalat Nigeria will meet with 13 local lenders this week to discuss its restructuring plans for a $1.2bn loan taken out in 2013, according to the Nigerian Communications Commission (NCC).

Confusion over two loans to Kenya, one of which was arranged by multilateral lender Trade and Development Bank (TDB), may have subsided as clarity over the structure of the deals emerged this week.

International banks want quick answers from the Kenyan government on the status of its loan from Eastern and Southern African Trade and Development Bank (PTA Bank), which has threatened their bigger syndication for the sovereign just as the mandate is being finalised.

The speed and success of Sibanye Gold in closing a loan to back its acquisition of US palladium miner Stillwater, has put South Africa in focus for bankers amid talk that two other acquisition deals out of the country could follow soon.

Sibanye Gold, the South African gold producer, confirmed a surfeit of lending demand at bank meetings on Thursday as it wrapped up final commitments for loans backing its acquisition of US palladium miner Stillwater.

The African loan market has hit 2017 on the front foot, with bankers heralding the support shown for Kenya and Sibanye deals as testament to gathering confidence in the region — but only for the right credits.