Africa

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.

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.

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.

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.

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.

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.