Africa

The Austrian subsidiary of Steinhoff International, the South African furniture retailer, has issued an inaugural Schuldschein for €650m, the second largest of the year.

The People’s Bank of China (PBoC) and the South African Reserve Bank (SARB) have signed a Memorandum of Understanding (MoU) for the clearing and settlement of renminbi in South Africa, the two central banks announced on July 7. The move makes South Africa the first offshore RMB hub in Africa.

All but one of Afren's directors resigned on Thursday, ahead of the firm’s annual general meeting, pre-empting what some shareholders had expected would be a bloodbath vote for any historical director seeking re-election.

A group of small shareholders in Afren, the embattled London-listed oil exploration company, is striving to block Afren's restructuring agreement with its creditors.

Afren, the troubled oil exploration company, has decided not to pay the $12.8m of interest which was due on its 2019 bonds on April 8, 2015, despite having raised $200m of interim funding on April 30.

Afren, the troubled oil exploration company, has avoided imminent bankruptcy with a $200m lifeline credit facility. The money injection follows a tense restructuring process in which two Nigerian banks dictated terms to a group of global financial giants, writes Olivier Holmey.

In this round-up, Macau RMB deposits and cross-border RMB trade settlement fall in February, ICBC launches RMB clearing in Thailand, the Shanghai FTZ expands four-fold, and Kenya hopes to become the RMB hub in Africa.

Afren, the London-listed, Africa-focused oil exploration company, has heralded its initial agreement with a group of lenders and bondholders as the only way to avoid default.

Struggling Afren is in talks with bondholders to restructure its Eurobonds due 2016. The company missed a coupon payment on its February 2016s earlier this month.

Afren, the Africa-focused oil exploration company listed on the London Stock Exchange, has obtained a second deferral from lenders on a $50m loan amortisation payment.

Afren, the Africa-focused oil exploration company listed on the London Stock Exchange, has avoided default on a $300m loan after obtaining a deferral from banks on the $50m amortisation payment that was due on Saturday January 31 for its Ebok debt facility.