Africa

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.

Kemi Adeosun, the finance minister of Nigeria, has attacked the “hypocrisy” of Western governments in stopping developing countries accessing development bank finance for coal power.

MTN Group, the South African telecoms company, priced $1bn of five and 10 year bonds on Wednesday in line with initial guidance that some investors said was generous.

South African telecoms company MTN finally emerged with a dual-tranche dollar deal on Wednesday morning more than three weeks after finishing investor meetings.

After a slow start to the week, emerging market investors were offered a smorgasbord of options as borrowers from four continents and across the credit spectrum launched bonds in dollars and euros.

There was a cheerful mood in European equity capital markets throughout September, despite clear risks of volatility on the horizon and the IPO of Telxius falling into difficulty. The health of the market was highlighted this week by the success of a €2.5bn capital raising by Steinhoff, the South African retail group.

After a turbulent summer, South Africa swept in for its biggest ever bond issue on Thursday, taking $3bn with a dual tranche 12 and 30 year bond. The deal was a yield hunters dream and proved that investors are willing to put aside concerns of an impending downgrade, and political infighting, for a decent return.

GlaxoSmithKline disposed of its remaining 6.2% stake in Aspen Pharmacare, one of Africa’s largest pharmaceuticals companies, through an accelerated book build launched on Wednesday evening in a deal that was said to be comfortably oversubscribed after a wall-crossing process.