Africa

Citigroup and Morgan Stanley have on Thursday night launched and closed the expected $2.5bn capital raising for Naspers, the South African media and e-commerce company, as an accelerated bookbuild. The sale is covered.

Eqypt’s Banque Misr is finalising a $250m three year loan and will sign on Sunday, according to a banker close to the deal.

South Africa’s FirstRand Bank will sign its $225m loan next week, according to a banker close to the deal.

Lead bankers are finalising allocations for Kenya’s $600m sovereign loan and expect it to grow from its initial size.

Nigeria’s Ecobank signed its $170m loan refinancing on Monday, the deal pays 1% more than the previous loan and has attracted four new lenders, despite a meagre showing of Nigerian deals this year.

Kenya will issue its second infrastructure bond next week, said the governor of the Central Bank of Kenya, Patrick Njoroge.

The Development Bank of Southern Africa is tightening ties with Japanese lenders in pursuit of cheaper funding, having signed a $250m loan with Japanese banks earlier this year.

IFC has issued its first ever rand denominated green bond as it continues to expand its global programme of climate aware financing.

ArcelorMittal South Africa is seeking to raise R4.5bn ($321m) to improve its weakened financial position, with a rights issue fully underwritten by its parent, ArcelorMittal Group.

Stanbic IBTC, the subsidiary of Standard Bank also known as Stanbic Nigeria, signed its debut syndicated loan on Wednesday with a mostly Middle Eastern syndicate.

Lonmin's $407m rescue rights issue passed its first hurdle on Thursday (November 19), when shareholders voted strongly to approve the deal. Lonmin's shares fell 2.6%, but that was mild by recent standards.

Kenya is offering to pay a margin 45bp higher than on its last loan, signed in 2012, as it syndicates a new $600m two year financing. The loan is drumming up strong interest.