Africa Loans

Nedbank has closed a $500m term loan, while Investec has launched its own syndicated loan, indicating that despite concerns about South Africa’s ratings outlook, its borrowers maintain access to international syndicated loans.

Ghanaian cocoa agency, Ghana Cocoa Board (Cocobod), will raise a $600m loan from supranational and international lenders. The deal is Cocobod's third syndicated loan this year.

Moody’s has downgraded South Africa’s outlook from stable to negative, in what some think is the precursor to the country being classified as a junk borrower. Lenders — in characteristic fashion — have shrugged off the implications for the country’s borrowers, claiming they enjoy a strong national banking system.

South African Bank Investec has agreed a $300m term loan facility with a consortium of international lenders. The deal, Investec's second syndicated facility this year, confirms that lenders remain committed to the South African market despite uncertainty around the country's economy and investment-grade ratings.

Emerging market issuers continued to enjoy solid market conditions this week with new mandates joining the pipeline and Abu Dhabi’s Mamoura executing a $3.5bn triple tranche trade.

South African gold producer Sibanye-Stillwater has refinanced an existing local currency revolving credit facility, demonstrating lender confidence in the country's borrowers despite the threat of an impending rating downgrade.

Russia's VTB Bank has signed an agreement with African Export-Import Bank (Afreximbank) to boost trade finance cooperation between the two in Africa. The announcement comes on the heels of the inaugural Russia-Africa summit held this week in Sochi, during which a number of trade deals were said to have been signed.

South Africa is poised to lose its final investment grade rating when Moody's conducts a review of its score a week from Friday. That has the potential to throw South African borrowers' funding plans into chaos following a year of of healthy, tightly priced issuance. Mariam Meskin and Ross Lancaster report.

Mann+Hummel struggles in Schuldschein market amid splurge in auto trades — Bureau Veritas returns to USPP market — Seplat turns to loans for Eland buy — Endava swaps to syndicated sterling borrowing — Bravida refis revolver, eyes more buys

Heavy debt burdens are forcing African countries to either renegotiate loan terms with China, or ask for debt forgiveness, with some blaming China’s lack of attention to debt sustainability.

Standard Bank is expected to raise $1bn in the loan market, up from an initial target of $500m, and slash the pricing of a three year loan by roughly 30bp.

Ivory Coast has bolstered loans bankers' expectations that African sovereigns will become a rare source for growth in the market, closing a €300m seven year loan.