Africa

Spar Group, the South African grocery and home improvement wholesaler, raised R2.2bn ($143m) of new capital in a successful accelerated bookbuild on Tuesday night.

Kenya has mandated three banks for a non-deal roadshow and is “expecting” questions around the rumours about alleged misuse of funds from its last Eurobond outing in 2014.

Egypt’s Banque Misr is finalising its second syndicated loan in over a decade, a murabaha deal for $200m.

Ghana is undertaking a non-deal roadshow at the start of April.

Sappi Papier, the Austrian-South African paper manufacturer, sold €350m of secured notes at 4% to refinance its 2021 dollar bond, in a European high yield market that has brought forward its post-Easter pipeline of deals.

Banks must make their commitments for Standard Bank Kenya’s (Stanbic CfC) $100m loan within a week, according to a lead banker.

The $150m loan for Africa Finance Corporation is still in the market, although commitments for the loan were due weeks ago.

The $400m loan for South Africa's Investec Bank will be oversubscribed, despite the bank being put on review for a downgrade, according to a banker on the deal.

Sappi Papier, the Austrian-South African paper manufacturer, is seeking to issue €350m of secured notes to refinance its 2021 dollar bond, in a European high yield market that has brought forward its post-Easter pipeline of deals.

Standard Bank of South Africa launched syndication for its loan with a whopping eight banks leading the deal, including four Chinese firms and HSBC.

Standard Bank Kenya (Stanbic CfC) is paying around 45bp more for its latest loan than when it last issued, less than a year ago.

Bankers are in discussions with a Nigerian corporate for an acquisition loan, representing welcome fodder for a depleted market, although the deal may not make it over the line, according to sources.