Africa

South African media group Naspers has finished amending and extending a $2.25bn five year loan and has added another $250m to the deal size, taking it to $2.5bn.

First City Monument Bank will close the first Nigerian bank loan of the year, a $75m later today (Wednesday), according to a banker close to the deal.

Nigeria’s First City Monument Bank (FCMB) will close a $75m loan this week, in a deal that cuts FCMB’s dollar syndicated loans from $150m to $75m.

South Africa’s Investec Bank is accessing the syndicated loan market for the fifth time this year, and is shaking things up by tapping Asian bank liquidity for a $100m three year borrowing.

The Kenyan government has launched syndication for its second syndicated loan, a $600m two year deal. Bankers expect interest from a broader spectrum of lenders than the country's first syndicated loan in 2012.

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.