Africa

Egypt’s Banque Misr has completed the two month long senior syndication process for its $250m three year loan and launched general syndication on Sunday.

Investec Bank signed its third and fourth syndicated loans of the year last Friday, and held a bank meeting this week for its fifth loan. The bank plans to stick to smaller, more regular loans in a volatile environment for emerging markets.

Nigerian loans have given an underwhelming performance this year, but deals from Ecobank, FCMB, Skye Bank and Stanbic IBTC will test the mettle of the market.

The Republic of South Africa starts a non-deal roadshow next week following a recent medium term budget policy statement, but also has a firm mandate outstanding for an international bond deal.

The Kenyan government will launch into general syndication a loan that could raise $750m in the next couple of weeks, according to a lead banker.

South Africa’s FirstRand Bank is in the market for its second loan of the year, while fellow South African firms Investec and Naspers are due to close deals soon.

Nigerian banks FCMB and Ecobank are in the market to refinance syndicated loans, although Ecobank comes behind schedule as its loan is about to mature.

Naspers, the South African media group, is amending and extending a $2.25bn five year loan led by Barclays and Citi, having issued its largest ever bond for $1.2bn in the summer.

Investec is looking for two syndicated loans totalling $530m, one for its South African business and the other for its London arm, according to bankers on the deal.

The global financial crisis has accelerated the transition to a multipolar and multi-currency system, with the RMB being one if its new components, according to former Bank of Pakistan governor Yaseen Anwar, now a consultant for ICBC.

Republic of Ghana

Amid fears of falling commodity prices, emerging market fund outflows and what a Chinese slowdown could do to Africa, Ghana priced a $1bn 15 year deal on Wednesday.