Africa Loans
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Development finance institution gains new lenders with oversubscribed loan increased to $1.6bn
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Pair of loans with support from Bpifrance, AfDB and IsDB offer two ways to raise capital
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South Africa's leading bank signals strong commitment to ESG
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Japanese investors are keen on investment grade rated African debt
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Bankers look for deals to restart market once interest rates have peaked
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African development finance institution finds loans cheaper at the moment
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Evidence emerges of banks discriminating over lending and bond mandates
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The $750m loan is the first facility linked to both environmental and social KPIs issued by a South African bank
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Project intended to increase supply of copper and cobalt for the energy transition
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Irish energy company seeks $750m from bank consortium headed by Afreximbank
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The $306m sustainability-linked loan funds assets in seven African countries
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State-owned borrower signs loan after Ghana begins talks with IMF
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Banks were keen on the borrower despite Ghana’s financial woes
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Borrowers are reluctant to make deals more complicated when securing any loan is tough
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Hopes IMF programme will help restore market access
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Both lenders and borrowers hate the pricing on offer, depending on which part of the market they occupy
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EM borrowers turning to bank finance but loan market window will not last forever
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Western lenders had planned to stand by Russia until the invasion of Ukraine in February
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African infrastructure investor widened its lender pool and secured a tight spread on new loan
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Days after the Tunisian President Kais Saied shocked the world by freezing parliament and boosting his executive power, sources say that investors have little to be concerned about as conversations with the IMF continue to progress. The political saga, which some are calling ‘much-needed’, will not impact Tunisia’s ability to service its debt.
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The Republic of Rwanda is set to return to the international bond market for a dollar bond, joining a club of sub-Saharan African sovereigns that have taken advantage of attractive funding conditions in recent weeks.
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South Africa, historically one of the continent’s most favoured issuers, has come under intense investor scrutiny as it faces a wave of domestic unrest.
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The London branch of South African lender Investec has successfully debuted in the sustainability-linked syndicated loan market.
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South African bank Investec is inviting Asian lenders to join a $450m sustainability-linked loan that is being syndicated globally.
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The number of emerging market syndicated loans is in decline for the fourth year in a row, according to Dealogic data. Bankers' outlooks for the rest of the year err on the pessimistic side, with the fallout from the pandemic being the main concern.
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The Singapore-incorporated global energy company Puma Energy has bounced back after a planned bond issuance last year failed to materialise, raising $590m in the loan market. Sources say the company’s change of management and reorganisation brought a “sense of relief”.
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As its debt-to-GDP ratio inflates and its public finances come under pressure, some have wondered if Tunisia will succumb to a debt restructuring process. But the governor of the Central Bank of Tunisia, Marouane El Abassi, told GlobalCapital that the country is intent on securing new IMF funding as a prerequisite to entering capital markets.
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A consortium of international lenders is funding the development of Egypt’s largest solar plant.
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Airtel Africa, the UK telecommunication company providing services across Africa, has raised $500m from a range of international lenders. It becomes one of the latest Africa-based issuers to inject activity into the syndicated loan market.
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Amid a broader downturn in emerging market syndicated loans, several African issuers — including sovereigns — are seeking debt facilities from international lenders.
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The announcement this week that the IMF is on its way to issuing a further $650bn of special drawing rights, providing central banks with extra foreign currency liquidity, should not be criticised for being too little, too late. It marks a much needed return to multilateralism, something that the developing world will benefit from.
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Zambia and the IMF will resume negotiations on an extended credit facility package, having missed the first deadline.
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South African lender Investec has secured a syndicated loan facility, with a consortium of 29 international banks. Bank borrowers are continuing to lean on their relationship lenders in South Africa, though the environment in the country remains challenging.
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African Export-Import Bank, the multilateral bank headquartered in Cairo, has provided a term loan to OCP Group, a Moroccan phosphate miner and fertiliser producer.
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Ghana has secured two loan agreements, which are backed by the export credit agency of Italy, Sace. There is more room for the ECA-backed market to grow in the region, sources close to the deal said.
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Syndicated lending volumes, particularly across emerging markets, have tumbled since the onset of the coronavirus pandemic last year. Though some had hopes that 2021 would yield more activity for lending desks, that optimism has been postponed to next year, as lenders say they simply cannot compete with other asset classes for business.