Africa Loans

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.

Stanbic Bank Uganda this week decreased the size of its loan refinancing to $55m. Weaker appetite for dollars from Ugandan corporates and a prospective US rate hike were reasons for the smaller deal, the bank's CFO told GlobalCapital.

Nigerian banks may have to pay at least 6% for one year loan funding, according to two bankers, as a number of the country's financial borrowers face maturing deals in the fourth quarter.

African Export-Import Bank has sent a request for proposals for a loan of $750m, according to a banker who received the invitation. While PTA Bank has revealed the pricing for its $320.5m loan.

African Export-Import Bank has sent a request for proposals for a loan of $750m, according to a banker who received the invitation.

Steinhoff completed syndication of $4bn of acquisition loans this week with the deal going “better than expected", according to bankers. The loan market has not shown signs of fatigue for the South African-based furniture retailer, even though the borrower has already asked a lot of the market this year.

African Export-Import Bank (Afreximbank) is signing banks into its $250m Asia focused loan this week and has sent out requests for proposals for a much larger deal.

Banks are signing documents for the $4bn of acquisition loans for South African-based Steinhoff on Wednesday. The deal has gone “better than expected,” according to one lead banker.

The Eastern and Southern African Trade and Development Bank (PTA) has chosen seven banks to lead its latest loan refinancing which launched into syndication this week.

The $1bn loan for telecoms firm MTN needed an accordion feature to get it to target size, even though the loan market has so far shrugged off the volatility surrounding allegations against the country’s finance minister.