Africa

Egypt is planning to launch another deal from its $10bn conventional bond programme before year end, which should be followed by an international sukuk, delegates at the Euromoney Egypt Conference in Cairo heard this week.

Stanbic Kenya launched a $100m loan on Monday and Stanbic Zambia is marketing a $50m deal, according to bankers.

A week of equity market madness has left many Middle East and African bonds anywhere from 20bp to over 100bp wider since Monday, and dashed hopes of a rousing restart to CEEMEA supply come September. But for the Middle East, at least, debt bankers are looking forward to a bumper 2016.

Mediclinic, the South African healthcare group, achieved strong pick up on its R10bn ($770m) rights issue to fund its takeover of Cinven’s remaining stake in London-listed Spire Healthcare.

Kenya Pipeline Co (KPC) has signed its $350m 10 year loan with three new banks joining the syndicate in secondary enquiries.

AngloGold Ashanti is offering to purchase for cash up to $810m of its $1.25bn 8.5% 2020s, surprising some analysts who had been expecting the company to wait until the call date on the notes next year to repurchase the bonds.

The rapid growth in renminbi products and services in South Africa shows the country is well positioned to become Africa’s RMB hub. This is despite the growing competition from other countries on the continent, says Standard Bank.

South Africa is experiencing a difficult week in credit markets, with credit default swaps that reference its debt hitting their widest point for two years.

With oil less than half the price it was last year, African borrowers are being driven into the loan market for funding. Angolan oil company Sonangol is the prime example, according to one of the firm’s relationship banks, and more are close behind. Elly Whittaker reports.

There aren’t many corporate insolvencies that would make a good movie. But any scriptwriters out there wanting to emulate the success of the Enron film should read our coverage of Afren this week.

Ukraine’s sovereign debt restructuring, Argentinian primary elections and a potential Turkish coalition government are keeping debt bankers alert while the primary bond market takes its summer break.

Oceana Group, a South African fishing company incorporated nearly a century ago and listed in Johannesburg, intends to raise R1.2bn ($94m) through a rights issue.