Africa

Shares in Steinhoff have fallen by over 12% in trading on Tuesday as the firm informed the Dutch regulator that it would not be publishing its 2017 financial results by January 31.

Banks across the Street have sought to woo shareholders with business models that celebrate the holy matrimony between Steady Eddie wealth management and (supposedly) reformed wild child investment banking. But the repercussions on bank earnings from the demise of South African retailer Steinhoff are a reminder that the course of true love never did run smooth.

Investec plc, the South African bank’s UK branch, has signed a loan for $450m — growing to more than double its launch amount of $200m after being three times subscribed.

Steinhoff International has sold a second chunk of its stake in PSG Group, the South African financial services company, in as many months, as Steinhoff struggles to stabilise itself after its disastrous revelation that three years' accounts will need restating.

Emerging market loans bankers are predicting African sovereign issuance will blossom this year, after Kenya led the way with a $1bn transaction last year.

Investec Bank plc, the South African bank’s UK branch, is expected to sign a loan to refinance a $300m facility signed in 2015.

Two large South African corporates are due to refinance some loans in the coming weeks, according to bankers close to the deals, who expect activity in the country to be high this quarter.

Emerging markets debt investor Ashmore saw $3.6bn of inflows in the quarter running up to the end of December last year, a sign that syndicate bankers are taking as further proof that the bull market has plenty of gas left in the tank.

Rating: Ba2/—/BB

Puma Energy made a strong start for non-financial corporate issuers on Monday, making full use of investor familiarity with the credit — and some excess cash — to make its $750m market return.

Puma Energy has returned to the debt markets to redeem its outstanding 2021s and in doing so will provide investors with a nice lump of cash to reinvest in a new offering of debt.

The poll is open for GlobalCapital’s Equity Capital Markets Awards for 2017 and we invite market participants to have their say on the best performers of last year.