Africa

Combined books of $9.5bn enabled the Republic of Senegal to both print the tightest ever dollar 30 year dollar bond from a sub-Saharan African issuer (ex-South Africa), and to revise guidance by 50bp for its euro debut on Tuesday.

Emerging market bond markets began with a softer tone on Wednesday after the resignation of Gary Cohn as Donald Trump’s economic adviser added to a more negative tone in global markets. Cohn is a supporter of free trade and opposed Trump's leanings towards protectionism.

Price talk for Senegal’s new euro bond prompted fierce debate on Tuesday morning. Based on guidance, syndicate bankers away from the deal questioned the cost of the deal compared with a dollar issue, though the strong pricing result in euros may have put the debate to rest.

Standard Bank’s Kenya branch is looking to raise $100m in the loan market, ahead of a maturity coming up for one of its loans in October.

Republic of Senegal could well have timed to perfection its plans to issue a euro-denominated bond with EM investors calling this the “last chance” for EM borrowers to take advantage of extraordinarily low interest rates in the currency.

Eskom, the South African state electricity company, signed a R20bn ($1.7bn) syndicated loan on Wednesday, a day after S&P downgraded it.

Emerging market bonds have been buoyed by several positives in key markets this week including a cabinet reshuffle in South Africa that has seen the return of respected former finance minister Nhlanhla Nene, and the upgrade of Russia to investment grade by S&P.

Seplat Petroleum Development, a Nigerian oil and gas exploration and production company, is lining up its first international bond which will also be the first non-financial corporate bond from Africa this year.

Two South African corporates are in the market for syndicated loans amid South Africa’s cabinet reshuffle, after former president Jacob Zuma resigned earlier this month.

Republic of Senegal is planning to make its first funding foray into euros, following its fellow West African nation Cote d’Ivoire to fund in its natural currency.

Dubai's Mashreqbank is adding a deal for Nigeria's Access Bank to the string of loans to African financial institutions it has arranged.

Kenya printed a $2bn dual tranche bond this week from a combined book of $14bn as investors continued to pile into emerging market credits they favour.