Africa

EM sovereign's dollar deal could reach $4bn

Rand Merchant Bank claims "first of its kind" to be arranged by an African bank

Nigeria took a bold step on Tuesday, bringing three tranches of dollar paper to a turbulent market

Jeffrey El Khoury joins the US bank from SocGen to replace James Sadler

A market that has in previous years promised much but delivered little seems finally to be growing thanks to sovereign issuance

Market participants are preparing for an imminent trade from Nigeria, after the government confirmed it was eyeing a September bond

Restructuring of emerging market debt is back on the agenda this week, as defaulted Zambia’s election saw ‘market friendly’ Hakainde Hichilema secure the country’s presidency. The nature of its forthcoming Eurobond restructuring, which some say could act as a benchmark for other emerging market sovereigns, is expected to become clear within weeks

Investors are looking forward to a bond from South Africa, after an almost two year hiatus, following a global investor call on Friday

Hichilema victory surprises bond investors with new government expected to be more market friendly

The impact of the allocation of new IMF Special Drawing Rights (SDRs) on the most stressed developing economies could depend on whether a politically sensitive proposed reallocation of the assets from wealthier nations to vulnerable ones is successful. And though the new SDRs may reduce sovereign bond issuance, particularly in sub-Saharan Africa, not all investors believe there will be a notable effect on EM debt.

Bankers working on Rwanda’s second ever international bond on Monday said that the issuer was benefiting from its prudent approach to bond market borrowing, as analysts called the liability management exercise positive for the African sovereign’s debt management.

The Republic of Rwanda hit the market on Monday morning with a 10 year dollar benchmark.