Africa

Sasol, an integrated chemical and energy company, last week announced a five year $1.8bn loan with a range of leading international lenders. The loan is the first corporate one in South Africa since its hotly contested elections in May. Loan bankers expect to see an improvement in borrowing conditions as a number of banks tap the market before year end.

South Africa’s GDP showed the largest quarterly contraction in a decade, with the sovereign and country’s banks likely to face pressure on their credit metrics as a result.

Emerging markets and developing economies (EMDEs) are at risk of a financial crisis as mounting debt levels are making them vulnerable to an economic shock, the World Bank warned this week.

Investors are calculating the value of Airtel Africa, the African subsidiary of Indian telecoms conglomerate Bharti Airtel, as it is going ahead with a floatation on the London Stock Exchange (LSE).

Ecobank Transnational Inc, the pan-African bank based in Togo, tapped a $500m 9.5% 2024 bond it issued in April for a further $50m on Tuesday. But despite the note being printed flat to the outstanding, according to leads, and the original bond having rallied over 150bp in yield since pricing a month ago, the tap brought the deal in by another 25bp in secondary trading.

Guinea Alumina Corp, a subsidiary of Emirates Global Aluminium, has secured a $750m loan, in the largest financing package for a greenfield mining project in Guinea's history.

Airtel Africa, the African subsidiary of Indian telecommunications conglomerate Bharti Airtel, has announced its intention to float on the London Stock Exchange, paving the way for a multi-billion pound IPO that will allow its parent to raise funds to reduce its debt.

The head of international loan finance at South Africa's Standard Bank Group will retire after 37 years with the bank.

Ecobank Transnational Incorporated, the pan-African bank based in Togo, has released price guidance for a $50m tap of the $500m 9.5% 2024 bond it issued in April. There has been a huge rally in those bonds since pricing.

Rating: Ba2/—/BB

Standard Bank printed a $400m 10 year non-call five tier two bond on Wednesday from a book of more than $2bn in a deal that even rival syndicate bankers called a roaring success.

Ivory Coast will finalise a seven year loan imminently, according to bankers. The deal reflects healthy appetite for sovereign borrowing in the region.