Africa
-
Some investors are beginning to fear that the rally in emerging markets is running out of rope. Threats to Chinese growth could carry over and damage the prospects of emerging markets economies, according to Jupiter Asset Management. -
The Republic of Benin has opened books for its debut bond — a six year euro amortiser. Ghana is also expected to enter the market on Tuesday, following a roadshow to promote a dollar bond.
-
Rand Merchant Bank London has made a new addition to its Africa loan syndication team.
-
Nedbank is planning to tap the market for a new loan, the first of an expected parade of South African bank borrowers. While bankers still worry about aspects of lending into the country, including a potential ratings downgrade and political uncertainty, appetite remains strong.
-
European high yield investors are as eager to buy bonds as their investment grade counterparts — the difference is, while IG issuers have been pouring paper into the market, high yield has been in a drought. But that is at last starting to break.
-
The Ivory Coast is set to tap the loan market to raise long-term financing. Market spectators were confident about the sovereign's chances. Its currency peg against the euro has proved attractive to both investors and lenders in recent years.
-
The Republic of Ghana has picked banks for a bond deal and tender offer, preparing to become sub-Saharan Africa’s first sovereign issuer of the year. Benin is also believed to be eyeing a debut in the international bond market.
-
Sappi, the South African paper company, succeeded in issuing its €450m seven year non-call three year bond on Tuesday at a coupon that will save it money, compared with the bond it is replacing.
-
High yield bond issuance in Europe is perking up, with several deals being marketed or just about to be launched. Beginning its roadshow on Monday was Sappi, the South African paper company, which wants to issue €450m to replace an older bond; starting on Tuesday is French car parts group Faurecia, seeking €500m.
-
Anglo American, the South African mining company now headquartered in London, returned to the sterling bond market after an 11 year absence on Wednesday, the day after an upgrade by Standard & Poor’s to BBB (stable), and two days after a parallel raise by Moody’s.
-
Credit Suisse has appointed Julian Corner as head of advanced execution services for EMEA, effective immediately, according to an internal memo.
