Africa
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Potential IPO issuers from across emerging markets are waiting for investor sentiment to calm so that they can sell new deals, but many fear that there is little chance of a renaissance for EM this year. -
Transnet is relying on the goodwill of its banks after an extraordinary auditing process at the infrastructure company triggered a document clause allowing creditors to accelerate a loan payment. The tricky situation for the South African state-owned company comes at a time when the country is rebuilding its reputation in markets after a painful year.
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Burundi-headquartered Eastern Southern Africa Trade & Development Bank has launched a $400m dual tranche loan into syndication, according to two lenders invited into the deal.
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The Republic of Angola's bonds rallied some 40bp on Monday after its ministry of finance said that it had sought financial support from the International Monetary Fund, but lost some of those gains as rumours of new dollar issue surfaced.
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South Africa’s Transnet is relying on the goodwill of its bank lending groups after an extraordinary auditing process at the infrastructure company triggered a document clause allowing creditors to accelerate loan payment.
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Telecoms company MTN Nigeria has signed a Nr200bn ($554m) seven year loan from local and international banks, as lenders remain in talks with other borrowers for hard currency transactions from the country.
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Sabvest, the South African investment holding company, has substantially boosted its liquidity after two investment vehicles sold out of the stock.
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Telecom Egypt has launched a $500m five year loan into syndication, with next week’s Eid al-Adha celebrations expected to stretch out the process until around the end of September.
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Several large African companies are seriously exploring going public, with many likely to dual list domestically and in London, a boon for the city as Brexit clouds hover.
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Mozambique’s bondholders have presented a restructuring proposal to the government, following their rejection of Mozambique’s proposed package in March.
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South Africa state-owned utility Eskom’s return to the international bond markets on Thursday was hailed as proof of the faith investors have in Cyril Ramaphosa, the country's president. And it could well mark the beginning of the country’s rehabilitation in the debt capital markets as Eskom is widely thought of as South Africa’s biggest and most public financial problem. Francesca Young reports.
