Africa
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Ghana National Cocoa Board’s (Cocobod) annual loan syndication has closed oversubscribed and with a margin of around 60bp, the same as the deal it signed in 2014. -
Nigeria’s Skye Bank is looking for a one year loan led by Dubai's Mashreqbank, according to a loan banker.
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Renminbi usage in South Africa has soared, according to data published this week by Swift. But although the country is still the only official offshore RMB hub in Africa, others are increasingly coming into the focus of Chinese regulators' internationalisation agenda. Kenya could soon see its first RMB clearing services, GlobalRMB understands.
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Once the wild west of finance, emerging markets had dodginess and defaults aplenty. Now ethical investors want socially responsible investments. But if SRI criteria are too strict there will be nothing to buy, writes Steven Gilmore.
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Zambia has printed its $1.25bn bond with a yield higher than any other outstanding African sovereign bond, as investors have this year punished the country for falling copper prices, a weak kwacha and a gaping budget deficit.
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Zambia has released price guidance of 9.25%-9.75% for an 11 year amortising bond, at a yield level that was the highest for a sub-Saharan African sovereign benchmark.
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The Republic of Zambia and Georgian firm Rustavi Azot kicked off roadshows this week, providing hope that a reopening of the CEEMEA sovereign and corporate markets — courtesy of Kazakhstan and Naspers — maintains momentum.
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CEEMEA borrowers pounced on a clear window this week and paid for it with premiums as high as 50bp. But while everyone talks about the size of the concessions, it’s worth noting that issuers showed the maturity to accept them.
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Deals for the Kenya Pipeline Company and the Itare Dam project provided a boost for the Kenyan infrastructure sector, but these types of deals move in slow motion according to bankers.
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African Export-Import Bank has named the banking group Afreximbank for its completed syndication of a $458m and €406m dual tranche term loan, its largest ever.
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Egypt’s Banque du Caire is in the market for a $250m one year facility, looking to make the most of abundant liquidity across Asia by sending out invitations to banks in the region. The deal comes as financial institutions from Brazil and Turkey are also tapping Asian lenders.
