Africa

The International Monetary Fund approved on Friday a two-year precautionary liquidity line (PLL) to Morocco to support the country as it pursues a reform agenda.

Shares in Marsa Maroc, the Moroccan port terminal operator and cargo handler, have risen 20% this week after they began trading on the Casablanca exchange on Tuesday following the company's Dh1.9bn ($194m) IPO.

Ethos Private Equity, the largest private equity firm in sub-Saharan Africa, has announced plans to raise up to R1.8bn ($123m) by listing a permanent capital vehicle in an IPO on the Johannesburg Stock Exchange.

After a year of muted issuance, two African sovereigns met investors in London this week. While both Angola and Nigeria held non-deal roadshows, investors said the timing was "no coincidence" for the former.

Lenders are still keen to underwrite sterling loans after the UK’s Brexit vote — as shown in Steinhoff’s £452m deal — said one head of Emea loan syndicate.

The Central Bank of Nigeria is undertaking a non-deal roadshow in London to meet rates, FX and credit investors.

South Africa's Steinhoff has agreed to buy UK discount retailer Poundland in a £597m deal, with Crédit Agricole one of two banks underwriting the loan financing. The French bank also benefited from Steinhoff’s thwarted bid for Darty earlier this year, when it co-underwrote a facility for rival bidder Fnac.

Ascendis Health, the South African maker of diet supplements, garden pesticides and medical equipment, has announced the final terms of its fully underwritten R1.2bn ($83m) rights issue.

South African state-owned electricity firm Eskom has signed $1.34bn of loans, arranged by African Development Bank. The financing includes what four bankers said was the largest ever ‘B’ loan tranche.

The former head of loan syndication at African Development Bank has left for a role at a developmental financial institution in Cairo.

It was a rough day for stocks on Wednesday, but a great day for equity capital markets, with two convertible bonds launched and priced — the first since the UK’s vote to quit the European Union was revealed on June 24. They came on top of a roaring reception for Melrose Industries’ announcement of a £1.7bn rights issue for an acquisition in the US.

African Bank is gathering responses this week for a two tier buy-back of its outstanding dollar and Swiss franc debt in a bid to reduce its interest expense. The bank was bailed out by the Reserve Bank of South Afica in April.