Africa Loans

International Finance Corp (IFC) is set to offer a funding lifeline to Nigeria’s banks after the country sought emergency loans this weekend.

Indian company UPL is making a return to the international syndicated loan market after a break of nearly 10 years with a $200m borrowing.

Middle Eastern loans burst open in the fourth quarter of 2015, with deals aplenty for corporates, banks and sovereigns. The deal flow will not ebb this year, but pricing will rise and international lenders will play a bigger role, replacing local lenders. Elly Whittaker reports.

Kenya’s two year sovereign loan grew from $600 to $750m in syndication, boosted by the lack of syndicated loans elsewhere in Africa this year.

Egypt’s Banque du Caire has cancelled plans to raise a loan for as much as $250m, but may consider signing a loan in 2016 instead.

The Egyptian loan market is showing signs of recovery with deals from Banque Misr and National Bank of Egypt in recent months. Bankers say there is more to come in 2016.

Ghana National Cocoa Board (Cocobod) is in the market for a three year club loan, after signing its annual $1.8bn one year loan refinancing in September.

Egypt’s Banque Misr signed its $250m three year loan on Sunday with five lead banks.

Zesco, the Zambian state-owned power firm, is syndicating a $122m seven year loan, part of which is guaranteed by US government agency USAID.

Eqypt’s Banque Misr is finalising a $250m three year loan and will sign on Sunday, according to a banker close to the deal.

South Africa’s FirstRand Bank will sign its $225m loan next week, according to a banker close to the deal.

Lead bankers are finalising allocations for Kenya’s $600m sovereign loan and expect it to grow from its initial size.