Africa

Renaissance Capital has hired Funeka Beja-Maseko as a retail analyst at director level, and Andrew Nkumbula as a vice-president for investment banking. Both are based in Johannesburg, South Africa.

Fitch downgraded its credit outlook of deeply-troubled South Africa on Friday, but loan bankers, both in and outside the country, are confident that a lack of primary EM supply and an established banking sector will keep margins tight and lenders attracted. At least for now.

An expected return of Brexit volatility means that there are likely to be fewer UK firms doing IPOs in the fourth quarter of the year, but London will continue to host high profile international listings to make up the shortfall.

Impala Platinum Holdings, the South African platinum mining company this week completed a tender offer to convert its 2.25% June 2022 $250m convertible bonds into stock, with a high near full acceptance rate from bond holders.

Libya has paid in capital to become a shareholder in the European Bank for Reconstruction and Development, in a move that extends the development lender’s reach across the region.

Asset managers are looking to the emerging markets as a hedge against a slowdown in the US and Europe.

Harmony Gold, a South African gold mining company, is in the market to raise $400m to refinance existing debt. The deal is being led by domestic lenders Absa Bank and Nedbank, according to bankers.

Impala Platinum Holdings, the South African platinum mining company, has launched a tender offer to convert its outstanding 3.25% $250m June 2022 convertible bonds into equity, after a massive rally in its share price over the last year.

Rating: B2/—/B+

The Republic of Tunisia printed a tight €700m 6.375% 2026 bond on Wednesday from a book of nearly €2bn. A syndicate manager away from the deal said it was a good demonstration of the enthusiasm for emerging market credit.

The Natural Disaster Fund, backed by the UK government, has a first option to subscribe to a small catastrophe bond to be issued by the Danish Red Cross, which conveys volcano risk.

The initial guidance for the Reg S/144A deal was put out at 6.875% area on Wednesday morning in London.