Africa

Africa Finance Corp (AFC) made its sukuk market debut on Tuesday with a well-received $150m private placement.

Egypt scored $4bn with a well-timed, tightly priced dollar bond on Tuesday. The deal is Egypt’s first since a $12bn IMF extended fund facility was approved in November and is a huge vote of confidence for Egypt’s improving investment story.

After a raft of highly rated sovereigns, two single-B rated borrowers appeared this week to offer the first opportunity to buy true emerging market credit from the CEEMEA region this year. One deal was a record for its type while the other reopened a market dormant for years. Virginia Furness reports.

Sibanye Gold, the South African gold producer, confirmed a surfeit of lending demand at bank meetings on Thursday as it wrapped up final commitments for loans backing its acquisition of US palladium miner Stillwater.

Egypt scored $4bn with its well timed, tightly priced dollar bond on Tuesday. The success of the deal was a function of both the strength of the market and the positive steps the Egyptian government has taken under its deal with the IMF.

Emerging market investors, starved of paper so far this year, have suddenly been flooded with interesting credits, and as Egypt’s blowout trade shows, they were ready for it.

Egypt opened books on its triple tranche dollar bond on Tuesday amid a swell of positive sentiment towards the country following recent comments by the IMF noting high satisfaction with its progress under its extended fund facility.

Shares in Life Healthcare Group Holdings, one of South Africa’s largest private hospital operators, closed 2.5% higher on Monday after it said late on Friday that its rights issue would be R1.7bn ($130m) smaller than planned.

The African loan market has hit 2017 on the front foot, with bankers heralding the support shown for Kenya and Sibanye deals as testament to gathering confidence in the region — but only for the right credits.

Kenya has mandated four banks to arrange internationally syndicated loans of as much as $800m, ending a restless wait for competing lenders.

Sibanye Gold, the South African gold producer, has set a date for bank commitments as it targets a quick turnaround on a loan backing its acquisition of US palladium miner Stillwater.

Industrial and Commercial Bank of China has bolstered its loan syndication and sales effort in London with a hire as the bank looks to establish a stronger foothold in the Europe, Middle East and Africa market.