Africa

PPC, the largest listed cement producer in South Africa, has set terms for its R4bn ($280m) rights issue after the deal was almost unanimously approved by shareholders at the start of August.

SPAR BBBEE Retailer Employee Trust and the SPAR BBBEE Employee Trust, have sold 3.8% of Spar Group, the South African supermarket chain, for R1.5bn ($108m) via an accelerated bookbuild that unwound a black economic empowerment scheme set up in 2009.

The $4bn of loans for Steinhoff’s acquisition of Mattress Firm are in syndication and due to be signed next week, according to a banker involved in the deal.

South Africa’s dollar debt had dropped up to two cash points on Wednesday after reports that the country’s finance minister could be charged with an offence rocked the market. While investors are concerned, the relentless bid for EM assets contained the sell-off, an EM banker said.

Activity in equity capital markets looks to be growing after a summer lull. Several large transactions have either been announced or completed in Europe and Africa.

Activity is ramping up in emerging markets with several mandates coming through this week. While the unrelenting buying of the asset class continues, idiosyncratic risks are a reminder of the volatility that can arise.

The renminbi rejoined the top five of most used payment currencies in the July rankings from Swift, with South Africa seeing considerable growth in renminbi payments in the past year, the organisation said on August 24.

Egypt has picked four international banks to manage its upcoming bond sale as it awaits approval on a $12bn extended fund facility (EFF) from the IMF’s executive board.

Egypt has picked four international banks to manage its upcoming bond sale as it awaits approval on a $12bn extended fund facility (EFF) from the IMF’s executive board.

Sovereign mandates are starting to trickle through in CEEMEA as borrowers ready themselves for September. Bahrain has picked five banks to manage a dollar transaction and the market is waiting for updates from Egypt and Nigeria.

A couple of banks are finalising their approvals for the $1bn loan for South African telecoms group MTN and the deal is due to sign before the end of next week.

Stanbic Bank Uganda, a unit of South Africa’s Standard Bank, is refinancing an $85m loan signed last year for a smaller one, according to one banker on the deal.