Africa

Renaissance Capital has appointed Temi Popoola as its CEO for Nigeria.

Brait, the South African private equity firm listed in Luxembourg and Johannesburg, issued a £350m convertible bond on Friday September 11. A banker at one of the leads said the deal, a true credit instrument, was very unusual for a company of this kind.

Outflows from emerging market portfolios since the August unrest are edging ever closer to the volumes seem during the Taper Tantrum of 2013.

Ghana’s Cocobod, Stanbic Kenya and Stanbic Zambia will all sign syndicated loans next week, according to bankers on the deals.

Egypt’s Banque Misr is planning a loan for around $200m and will mandate lead banks next week, according to an official in talks with the bank.

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.