Africa

Lagos-headquartered Africa Finance Corporation (AFC) has debuted in the Samurai loan market, raising a $150m-equivalent loan from a consortium of Japanese lenders. The deal is one of two Samurai loans signed by African borrowers in recent weeks.

The dual currency $303m-equivalent loan, which marks Africa Export-Import Bank's (Afreximbank) second entry into the market, is the largest ever Samurai loan raised by an African issuer.

Global investment banks are working with sellers in emerging and frontier markets on private equity solutions to avoid having to brave volatile public markets.

The Republic of Mozambique has released a consent solicitation for its outstanding $726.5m 10.5% 2023s, which a bondholder group representing 68% of the notes has said they will accept, hoping that this will draw a line under the Ematum tuna bonds saga that has plagued the country since their issue in 2013.

BCME Bank, one of the largest banks in Morocco, has raised Dh1bn ($103m) by selling new shares on the Casablanca Stock Exchange.

A number of highly anticipated emerging market IPO issuers are understood to have shifted listing plans to next year instead of the last quarter of 2019.

Omnia Holdings, the South African chemicals company, has fixed the terms for its R2bn ($136m) rights issue to reduce debt, after securing underwriting from its top shareholders.

Australian potash company Danakali will raise a $200m credit facility from lenders in Africa. The syndicated facility will go towards funding the planned Colluli potash project in Eritrea.

In an otherwise barren summer week for equity block trades in Europe, UBS led the sale on Thursday night of R1.4bn ($95.4m) of stock in Mondi, the Anglo-South African paper and packaging company, on behalf of a group of shareholders left out of a recent reorganisation of Mondi’s listing.

BNP Paribas hires UK advisory head — Créd Ag’s credit unit chief moves to markets role — AIIB hires ICBC loan syndicator.

The quality of debt management in Africa needs to be strengthened, the World Bank has warned, while the International Monetary Fund suggested that countries stop encouraging banks to hold government securities.

Sibanthracite to switch loan from dollars to euros — IGT cuts size, stretches tenor of bank debt — Keywords hits power up on revolver — Resolute turns to lenders to refi M&A debt — Future taps revolver for Smartbrief buy — Fraport enters the Schuldschein market for more