Africa

The European Bank for Reconstruction and Development is in the midst of its first annual meeting in the Middle East, and its president has again floated the idea of another big expansion of the bank’s remit to include sub-Saharan Africa.

Standard Chartered managing director and head of Africa DCM James Nelson is returning to London after two years in Dubai.

South Africa’s Absa is looking to establish a corporate and investment banking unit in London, and is actively in the process of hiring DCM and syndicate bankers, according to sources.

Shares in Vivo Energy, the African fuel distributor, rose more than 3% on its first day of trading on the London Stock Exchange on Friday, after its £558m IPO attracted substantial demand.

The Republic of Angola raised $3bn this week with its first Eurobond since 2015, after a juicy yield and a positive narrative about reform in the country enticed investors to place $9bn of orders.

The Republic of Angola has released initial price guidance for its dual tranche bond, which a banker away from the deal said looked generous.

Stanbic Bank Kenya has signed a $100m dual tranche loan as lenders prepare for more deals from sub-Saharan Africa’s financial institutions.

The Republic of Ghana is heading off on a roadshow for 10 and 30 year bonds, with a tender offer for its existing 2022s and 2023s attached to the transaction.

Bankers do not expect Moody’s downgrade of Angola last week will have any bearing on the price of the new issue, which is expected on Wednesday.

Nigerian banks have found their loan market verve this year with one syndicated transaction near close and another due to launch soon, as pent up demand tempts borrowers back into the market.

By attracting private investors to provide risk capital to microfinance firms in the developing world, Global Parametrics is hoping to bolster insurance provision against natural disasters to families and businesses in poor countries.

The London and Johannesburg listing of Vivo was covered today, two days after launch, good news for African equities after South African bottle producer Consol had to pull its IPO.