Africa

Republic of Ghana is still expected to open books on a five year amortising note this week, though no exact timing has been given, a lead banker said on Wednesday.

Ghana is on the road this week for its first standalone bond since 2014. The government will use the new issue to buy back its $500m 2017s as part of its push towards "smart" debt management. In a market where yield is king, bankers expect the deal to go well, despite concerns about the country's widening budget deficit.

The Netherlands Development Finance Company (FMO) sold a ZK104m ($10.3m) five year note to a single investor on Monday.

A group of international banks are understood be close to signing a $1.4bn project finance loan for a major oil and gas field development, expected to transform Ghana's domestic energy distribution.

MTN, the South African telecoms group, is syndicating a $1bn new money loan that could involve non-relationship lenders.

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.