Africa

FirstRand Bank has transferred outstanding dollar debt from one of its syndicated loans to Rand Merchant Bank International. The amendment comes amid an anticipated increase in loan activity from South African banks, which bankers are keeping a close eye on.

Gold Fields Limited, a gold producer with operating mines in Australia, Ghana, Peru and South Africa, is embarking on a roadshow to market a five to 10 year dollar benchmark.

Santander creates new sales role — Barclays origination banker leaves — Algomi co-founder helps another fintech

Ecobank launched its debut bond on April 11, but less than a week later, the price has shot up by between four and five points, prompting questions about the bond’s execution.

Ecobank Transnational, the pan-African bank based in Togo, hit screens this week for a five year dollar benchmark — its first ever bond.

The new World Bank president used his first public statement to pledge to increase efforts to ensure China was more transparent in its lending to Africa.

Urgent action is needed to attract private sector lenders to fill the shortfall in infrastructure finance and ensure low income countries meet the UN’s Sustainable Development Goals (SGDs), according to leading figures from development banks, the private sector and thinktanks.

Ecobank Transnational, the pan-African banking group based in Togo, has set the yield for a $400m five year bond at 9.75%. The size indicated is at the lower end of the $400m-$500m range it suggested earlier in the day.

Sibanye-Stillwater, the South African commodities miner, sold a 108.9m share block in the market on Tuesday night to solidify its balance sheet as the company continues to weather a gold workers' strike and prepares for wage talks with unions for its platinum workers.

The Arab Republic of Egypt on Thursday printed a €2bn dual tranche euro deal with a massive negative new issue premium of 22bp on the longer bond — one of the largest ever negative concessions on an EM issue. The deal takes Standard Chartered to the top of Dealogic’s league table of CEEMEA bonds, though it is a title to be only briefly held as the Saudi Aramco jumbo bond is expected next week, which other banks are arranging.

The Arab Republic of Egypt has released initial price guidance for its dual tranche euro bond at levels that two lead managers said were around 40bp back of its curve.

A cluster of large pan-African companies are exploring listings on the London Stock Exchange, but many have delayed their plans because of political risk in both Africa and the UK.