Africa

Redefine Properties, the South African real estate company focused on commercial properties, has completed a buy-back of its outstanding €117.2m 1.5% exchangeable bonds due 2021, as part of a wider restructuring of the firm.

The European Bank for Reconstruction and Development (EBRD) sold the first Algerian dinar-linked bond from a development finance institution last week. With local market liquidity drying up because of the collapse in the price of oil, further demand for dinar assets could depend on how well the nation’s economy diversifies away from the industry.

Wednesday evening proved a busy night for equity bock trades, despite wider sell-offs in secondary markets over fears of a second wave of Covid-19.

International bondholders have formed a specialist committee to conduct negotiations with Zambia after the country announced a liability management exercise to control its debt.

Pepkor, the South African retailer, raised R1.9bn ($110m) in a sale of new shares on Tuesday night to reduce leverage and to prepare it for the future impact of the Covid-19 pandemic.

Ghana Cocoa Board (Cocobod), the central organisation for Ghana’s cocoa industry, is in the process of raising its annual syndicated loan, but bankers say the borrower is running into difficulty as lenders’ risk appetite weakens.

The Africa Finance Corp, the Nigeria-headquartered multilateral development bank, has issued its first Eurobond of 2020, winning three times oversubscription.

Egypt’s debut green bond, which had been expected to come to market in the first half of the year, is on hold, according to sources. But although the coronavirus pandemic has impacted issuance for issuers such as Egypt, the green bond market is far from dead.

Africa Finance Corporation (AFC), the Nigeria-based multilateral development bank (MDBs), has emerged at the forefront of regional coronavirus rescue efforts, providing financing for emergency hospitals, medical aid and more. As Africa finds itself at the centre of global calls for emergency financing and debt relief, the AFC’s chief executive, Samaila Zubairu, talks to GlobalCapital about the bank’s response to the crisis, how its own fundraising plans have been affected, and the future of Chinese capital in the region.

Nick Darrant, JP Morgan's head of CEEMEA debt capital markets syndicate, is leaving the bank after five years to join Citigroup as co-head of EMEA syndicate.

Emerging market bond issuance, particularly from the Middle East, has been recovering after the brutal March shocks of Covid-19 and low oil prices. Egypt took that momentum further on Thursday as it announced a triple tranche trade.

A group of investors have formed a working group to coordinate the tricky issue of debt relief in Africa, as the economic impact of Covid-19 hastens the reality.