Africa

Nigeria’s Fidelity Bank has seen its freshly printed $400m five year paper rocket in the secondary market after pricing the bond on Wednesday.

Africa’s finance ministers are turning their attention to private sector investment and trying to move beyond bilateral loans from China.

Nigeria’s Fidelity Bank has caught the eye of yield hungry investors after announcing initial price thoughts of 11% area on a five year dollar trade.

Pan-Africa lender Guaranty Trust Bank has bought back $123.1bn of its outstanding bonds, making it the second African bank to address its upcoming maturities. Nigeria’s Fidelity Bank is looking to issue fresh debt to finance a buy-back of its $300m 2018s.

With 65m people displaced worldwide, the refugee crisis can seem insurmountable. But despite this daunting scale, initiatives are being tried that could help some of those affected. Citigroup’s charitable foundation is giving $2m to a project to train refugees for the job market and entrepreneurship, in Greece, Jordan and Nigeria.

Nigeria’s Fidelity Bank is planning to finance a buy-back of its $300m notes due 2018 with a new issue, as the country’s banks look to address upcoming maturities in 2018 and 2019.

Anil Agarwal, founder of mining group Vedanta Resources, has managed to surprise the stockmarket with the same trick twice. But as Jon Hay and Aidan Gregory write, his intentions in buying another £1.5bn of shares in Anglo American are anything but clear, and he is paying a high price for influence.

Ghana Cocoa Board has signed its annual financing for its cocoa harvest at $1.3bn with 24 lenders, the 25th time the organisation has done the facility.

Shares in Steinhoff Africa Retail, the African retail assets of Steinhoff International, rose 5% above their IPO price on Wednesday after the company made its debut on the Johannesburg Stock Exchange.

South Africa has printed a $2.5bn dual tranche bond that analysts said was attractive despite the country’s recent economic and political woes.

Sibanye Gold, the South African gold miner, took the final step towards refinancing its acquisition of US platinum miner Stillwater on Tuesday, when it issued a $450m convertible bond.

Puma Energy, the midstream and downstream oil company, has signed a five year loan that was oversubscribed by its relationship banks.