Africa

The Republic of Mozambique said on Tuesday that it had reached an agreement in principle with bondholders on a restructuring of its $726.5m 10.5% 2023s, which defaulted two years ago.

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Tunisia raised €500m of five year paper on Wednesday with a 144A/Reg S benchmark.

South Africa is embarking on a series of investor update meetings, with no deal planned to follow.

The Central Bank of Tunisia, on behalf of the sovereign, hit the market on Wednesday morning to print a five year euro benchmark.

The Republic of Tunisia hit screens on Thursday, announcing a roadshow to promote a euro benchmark — the nation’s first since February 2017.

SIFCA, Ivory Coast’s leading agricultural producer, signed a loan to finance agro-industrial transformation and renewable energy objectives last week, in a deal which has stimulated a debate as to whether further green financing could occur across West Africa.

Telecom Egypt has signed its $500m loan, with 11 mostly Gulf region banks joining the trade during the syndication process.

Old Mutual has launched a sale of shares in Nedbank Group Ltd, one of South Africa’s largest banks, on behalf of some of its investors who could not receive them as part of the bank’s unbundling from the Old Mutual Group, which was announced last month.

Africa Finance Corp (AFC) has signed a $300m financing package from a Chinese state run bank for the first time, at a time when China’s lending into the continent is coming under increased scrutiny.

Renaissance Capital has appointed Marios Hadjiyiannakis as chairman of the board of directors in Egypt, and Amr Helal as chief executive officer for North Africa.

Steinhoff has asked its creditors for a one month extension on its multi-billion euro debt restructuring process, with the South African retailer saying on Monday that it needs longer to finalise documentation.