Africa Loans

African Export-Import Bank (Afreximbank) started signing banks to join its third syndicated loan of the year this week. African multilateral banks have raised more in syndicated loans in 2016 than in any other year, according to Dealogic.

Caa1 rated Banque Misr is syndicating a loan with a longer than usual tenor of five years, though a guarantee from the Egyptian central bank will help drive demand, according to two bankers away from the deal.

The African Export-Import Bank has launched its new money loan into general syndication with 12 lead banks for three tranches of two and three years.

Abu Dhabi airline Etihad Airways has launched a Schuldschein for €150m denominated in euros and dollars, the first ever for a Middle East borrower, according to one market participant.

While Access Bank safely landed its dollar Eurobond last week, the outlook for Nigerian banks seeking new loans is cloudy.

Fitch has removed Afreximbank from rating watch negative, partly because of its “excellent” risk mitigants, as the development bank continues to arrange a loan of at least $750m.

The Eastern and Southern African Trade and Development Bank (PTA) lowered the margin on the two year tranche of its $400m refinancing and added a three year clip for the first time.

African Export-Import Bank is close to announcing the lead banks in its $750m loan, in a deal which will have a large top tier, according to one banker.

The Eastern and Southern African Trade and Development Bank (PTA) completed its loan refinancing last week and grew the deal from $320.5m to $400m in syndication after strong support from lenders, according to a lead banker.

After a slow start to the week, emerging market investors were offered a smorgasbord of options as borrowers from four continents and across the credit spectrum launched bonds in dollars and euros.

Ghana Coco Board (Cocobod), which oversees the processing and marketing of cocoa in the African country, has named the 23 international lenders providing its yearly loan of $1.8bn.

Bank ABC and Credit Suisse are leading the syndication of a €195.5m loan for Tunisie Telecom's acquisition of a majority holding in Maltese telecoms firm GO, according to a banker close to the deal.