Africa

Ghana Cocoa Board (Cocobod) has sent off invitations to its annual financing for its cocoa harvest amid concerns it may struggle to repay its previous loan.

Consol Holdings, the South African glass packaging company, plans to return to the Johannesburg Stock Exchange after filing an intention to float on Thursday.

Three CEEMEA issuers are embarking on roadshows — the Arab Republic of Egypt, Sharjah Islamic Bank and Kazmunaygaz.

Investec Bank plc has signed a A$150m ($115.3m) loan to refinance a loan signed in 2015, attracting a total of 18 banks to the deal — the majority of which came from Asia.

Sanlam, the South African insurer and wealth manager, has raised R5.7bn ($489m) to finance its takeover of Saham Finances, the Middle East and Africa-focused insurance company.

South African bonds started the week on an upbeat note following Moody's announcement on Friday that it would not remove the country’s last investment grade rating.

Republic of Mozambique met bondholders in London on Tuesday to lay out the long awaited terms of a restructuring package. It was more severe than anticipated and a group representing bondholders rebuffed the offer.

Investec Bank has benefited from South Africa’s political turn for the better, with pricing tightened on a $300m loan refinancing and Asian banks flocking to another loan for its UK branch.

Republic of Mozambique met bondholders in London on Tuesday to lay out the terms of a long awaited restructuring package that was more severe than anticipated by one analyst in London. Analysts do not expect bondholders to accept the offer, but said it likely sets a floor for future negotiations.

Credit Suisse has put two emerging markets DCM bankers at risk.

Tullow Oil, the group based in London that has most of its operations in Africa, was on course to print its new high yield bond in the 7% area this week. It was attracting interest from pension funds in need of assets with high returns, according to sources.

Steinhoff International, the embattled South African retail conglomerate, sold a €251m block of shares in KAP Industrial Holdings on Tuesday, as it continues to raise money to plug holes in its balance sheet, but doubt remains about whether much is left to salvage from the business.