Africa

Steinhoff International, the South African furniture maker and goods retailer that has been on an acquisition spree, raised €1.1bn on Thursday with a convertible bond that bucked the recent trend of deals that have struggled, partly because it was the kind of simple, traditional structure investors like.

South African furniture retailer Steinhoff International has nearly completed syndication of its £920m loan to buy French retailer Darty, according to a banker close to the deal.

South Africa’s Investec Bank expanded the syndicate for its latest loan from 17-20 banks, including two Chinese lenders.

The CNY NDIRS curve is steeper after a stronger CNY fix backed light offers in the short end while improved price data triggered paying around the five year tenor. Meanwhile, Nigeria is considering issuing a Panda bond, writes Deirdre Yeung of Total Derivatives.

The Brics bank is to finally make its capital markets debut later this month by issuing green bonds in RMB with the proceeds to be channelled into energy and infrastructure projects, sources have told Emerging Markets, a sister publication of GlobalCapital Asia.

South Africa's Investec Bank signed a $635m loan on Friday. The loan is its seventh since the beginning of last year, as it raises funds ahead of potential ratings downgrades.

South Africa raised $1.25bn with its latest SEC registered bond on Thursday, amid a slew of negative headlines and what bankers described as a weak market backdrop.

Strong demand was expected to propel South Africa’s new 10 year note to a successful conclusion, with a 35bp-50bp concession tantalising investors before the US open, despite a political crisis in the country.

South Africa is looking to add another point to its dollar curve and has mandated banks for a 2026 bond amid attempts to impeach its president, Jacob Zuma.

MTN Côte d’Ivoire is raising a $225m-equivalent loan in West African francs while parent company MTN Group, the South Africa-based mobile telecommunications firm, continues negotiations with the Nigerian government over a $5.1bn fine.

Standard Bank Kenya (also known as Stanbic CfC) will sign its loan on Thursday, while multilateral African bank AFC has nearly completed its $150m deal.

Kenya Power and Lighting Company (KPLC) launched its $500m loan refinancing on Wednesday after over a year in the making.