Africa
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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.
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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).
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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.
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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.
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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.
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The head of international loan finance at South Africa's Standard Bank Group will retire after 37 years with the bank.
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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.
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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.
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Ivory Coast will finalise a seven year loan imminently, according to bankers. The deal reflects healthy appetite for sovereign borrowing in the region.
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