Africa

South Africa is having rating trouble, and it looks serious. Since Friday, it is teetering on the edge of investment grade at both Standard & Poor’s and Fitch, a big problem for a country with a lot of infrastructure to build. But South Africa’s woes don't go too deep, and the country's growth could bounce back quickly.

The Egyptian loan market is showing signs of recovery with deals from Banque Misr and National Bank of Egypt in recent months. Bankers say there is more to come in 2016.

Ghana National Cocoa Board (Cocobod) is in the market for a three year club loan, after signing its annual $1.8bn one year loan refinancing in September.

Egypt’s Banque Misr signed its $250m three year loan on Sunday with five lead banks.

Zesco, the Zambian state-owned power firm, is syndicating a $122m seven year loan, part of which is guaranteed by US government agency USAID.

Citigroup and Morgan Stanley have on Thursday night launched and closed the expected $2.5bn capital raising for Naspers, the South African media and e-commerce company, as an accelerated bookbuild. The sale is covered.

Eqypt’s Banque Misr is finalising a $250m three year loan and will sign on Sunday, according to a banker close to the deal.

South Africa’s FirstRand Bank will sign its $225m loan next week, according to a banker close to the deal.

Lead bankers are finalising allocations for Kenya’s $600m sovereign loan and expect it to grow from its initial size.

Nigeria’s Ecobank signed its $170m loan refinancing on Monday, the deal pays 1% more than the previous loan and has attracted four new lenders, despite a meagre showing of Nigerian deals this year.

Kenya will issue its second infrastructure bond next week, said the governor of the Central Bank of Kenya, Patrick Njoroge.

The Development Bank of Southern Africa is tightening ties with Japanese lenders in pursuit of cheaper funding, having signed a $250m loan with Japanese banks earlier this year.