Africa
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European finance ministers are not keen on setting up a new development bank from scratch. They will instead start technical work on how to better streamline the operations outside the EU of the European Investment Bank and the European Bank for Reconstruction and Development. -
Brait, the troubled South African investment company, managed to issue a £150m five year convertible bond on Wednesday, an essential piece of its restructuring plan, which includes a new strategy, a recapitalisation, including a rights issue, to repay debt and the sale of two UK assets.
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International lenders and the Loan Market Association (LMA) are worried about emerging markets’ nonchalance towards the end of Libor in 2021. Fears are mounting that local lenders, in particular, those in Africa, will be “hit by a juggernaut” when the benchmark rate is discontinued, writes Mariam Meskin.
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The Kingdom of Morocco achieved savage price traction on its €1bn 12 year trade on Thursday, bringing in the yield on the trade by 40bp, to 1.6% and extending its curve.
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The Kingdom of Morocco moved from roadshow to deal execution on Thursday with a 12 year bond that looked set for tight pricing.
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Lagos-headquartered multilateral finance institution Africa Finance Corporation (AFC) signed a $140m-equivalent syndicated Kimchi term loan facility with Shinhan Bank — its first Korean-focused tool, as the bank diversifies its funding sources.
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The Republic of Angola printed a $3bn two tranche trade on Tuesday with no new issue premium, waving off any concerns that investors might be wary of a borrower in a complicated economic situation.
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Africa Finance Corporation (AFC) increased its Swiss franc debt stack on Tuesday, pricing a Sfr200m ($202m) four-year bond that was double the size of its last outing in the market.
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The Republic of Angola sought a dual tranche trade on Tuesday, marketing 10 and 30 year bonds to investors that will likely have mixed views on the sovereign.
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Africa Finance Corporation, the pan-African multilateral development finance institution (DFI), has mandated for a Swiss franc bond as its only other note in the currency approaches redemption.
