Africa

The South African retail conglomerate is seeking capital to reduce its leverage

Emerging market bond investors are confident the stellar start to the year can continue, particularly after the US Federal Reserve did little to dampen their spirits at its latest monetary policy meeting this week

The government has sweetened terms for domestic creditors, perhaps at the expense of those overseas

More CEE sovereigns are preparing to issue new bonds but African issuers may need to wait

Lack of outstanding bonds from the South African utility may encourage 'huge' indications of interest

Transnet to print first dollar bond for over a decade

One investor says more delays in the ‘haphazard’ process will be cause for concern

For the instrument to have a future, the process must be seen to have been fair

Ghana may request up to a 30% principal haircut from investors

Context and market conditions are always important when considering the merits of any new issue, but this was particularly the case in 2022, given how volatile markets were. Every CEEMEA issuer had to pay a high all-in price to get their deal away, and new issue premiums varied between issuers. EM issuers faced the toughest conditions in many years during 2022. The Russian invasion pushed investors to flee from riskier assets. The war had practical effects too: disruption to energy and food supplies sent inflation soaring and the resulting interest rate rises meant borrowing costs jumped sharply for CEEMEA issuers. New issue volumes dropped from 2021, particularly among CEEMEA corporates. By George Collard and Oliver West.

The hospital operator completed a €107.6m deal

After a calamitous year in EM bonds, market participants are wary of predicting how the next 12 months could play out. Few foresaw the war in Ukraine — and even fewer the Covid pandemic, which influenced volumes for the two previous years. But there is some hope of normalisation in 2023, as GlobalCapital’s poll of bankers and investors shows. By Francesca Young.