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.

Mauritius Commercial Bank has raised a new dual tranche $800m loan after receiving commitments of over $1bn. The deal was welcomed by bankers as one of the few new money financings in the market.

JPM securitization banker leaves — Goldman Brexiter quits for politics — Balax enrols in fintech course

Steinhoff International continued to dispose of assets this week with a R4.8bn (€293m) sale in KAP Industrial Holdings, the South African industrial company, with the company expected to shed more holding to meet its subsidiaries' funding requirements.

Naspers, the South African technology conglomerate cheered European equity markets this week as it announced it would list its international assets in a new company on the Euronext Amsterdam. The company said that the deal would just be a spin-off transaction but sources close to the situation are not writing off the possibility of an IPO as well.

Investec veteran Glynn Burger is stepping down.

Rothschild & Co has appointed Martin Kingston as executive chairman of its board in South Africa, among other personnel moves in the country.