Africa

Shares in Remgro, the South African investment company led by billionaire Johann Rupert, rose 1.5% on Monday morning after it completed its R9.3bn ($676m) rights offer to finance a possible acquisition of SABMiller’s stake in Distell Group, the maker of Amarula liqueur.

Schroder European Real Estate Investment Trust, the Reit managed by the property arm of UK asset manager Schroders, has priced its second capital increase on the London and Johannesburg exchanges.

Dis-Chem Pharmacies, one of the leading South African pharmacy chains, is preparing an IPO on the Johannesburg Stock Exchange to raise funds to expand its operations and reduce its debt.

While Access Bank safely landed its dollar Eurobond last week, the outlook for Nigerian banks seeking new loans is cloudy.

Fitch has removed Afreximbank from rating watch negative, partly because of its “excellent” risk mitigants, as the development bank continues to arrange a loan of at least $750m.

The Eastern and Southern African Trade and Development Bank (PTA) lowered the margin on the two year tranche of its $400m refinancing and added a three year clip for the first time.

IHS Nigeria printed the largest ever deal from an African sub-investment grade issuer on Wednesday, raising $800m with a five year non-call two. The deal is testimony to Africa’s improving infrastructure scene, and sets a strong tone for Access Bank, which finished roadshows this week.

African Export-Import Bank is close to announcing the lead banks in its $750m loan, in a deal which will have a large top tier, according to one banker.

IHS Nigeria printed the largest ever deal from an African sub-investment grade issuer on Wednesday, raising $800m with a five year non-call two trade. The deal marks a success for Africa’s improving infrastructure story.

IHS Nigeria was on track to print its five year non-call deal on Tuesday having circulated initial price thoughts at mid-9% area.

The Eastern and Southern African Trade and Development Bank (PTA) completed its loan refinancing last week and grew the deal from $320.5m to $400m in syndication after strong support from lenders, according to a lead banker.

The Republic of Namibia, which has outlined plans to issue around $5bn of loans and bonds over the next 10 years, is to undertake a non-deal roadshow with fixed income investors in the US and UK.