Africa

Nigerian banks may have to pay at least 6% for one year loan funding, according to two bankers, as a number of the country's financial borrowers face maturing deals in the fourth quarter.

Emerging market bonds opened 10bp-15bp wider on Monday giving issuers plenty of reason to sit and digest a sell-off following a months-long positive run. However, bankers said that more attractive valuations would be a positive for investors.

Ghana stunned bond markets with a new six year dollar deal yielding 9.25% on Thursday, barely a month after abandoning issuance plans due to pricing concerns.

African Export-Import Bank has sent a request for proposals for a loan of $750m, according to a banker who received the invitation. While PTA Bank has revealed the pricing for its $320.5m loan.

South African telecoms company MTN will start meeting investors this week ahead of a potential dollar bond market return.

Ghana took investors by surprise on Thursday morning with the release of pricing for a new global dollar bond.

African Export-Import Bank has sent a request for proposals for a loan of $750m, according to a banker who received the invitation.

Steinhoff completed syndication of $4bn of acquisition loans this week with the deal going “better than expected", according to bankers. The loan market has not shown signs of fatigue for the South African-based furniture retailer, even though the borrower has already asked a lot of the market this year.

Domestic opposition could derail Egypt’s IMF deal and threaten plans for a dollar market return, analysts have warned.

African Export-Import Bank (Afreximbank) is signing banks into its $250m Asia focused loan this week and has sent out requests for proposals for a much larger deal.

Banks are signing documents for the $4bn of acquisition loans for South African-based Steinhoff on Wednesday. The deal has gone “better than expected,” according to one lead banker.

The Eastern and Southern African Trade and Development Bank (PTA) has chosen seven banks to lead its latest loan refinancing which launched into syndication this week.