Africa
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Afreximbank has activated the accordion feature on a 'Samurai' loan, aimed at Asian banks, it signed in March, increasing the loan amount to $150m. Two new banks have joined the facility. -
Nigeria’s plans to issue the longest ever sub-Saharan African Eurobond outside of South Africa will be a canary in the coal mine for frontier market issuers looking to extend their curves, according to EM analysts. Virginia Furness reports.
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Nigeria is set to test investors next week with the equal longest sub-Saharan African Eurobond after receiving approval to issue up to $5.5bn in its budget for 2017 on Tuesday.
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Despite the end of the year fast approaching, and Venezuela’s debt saga challenging buy-side patience, investors have at least one more major test with Nigeria marketing the first sub-Saharan African 30 year sovereign bond away from South Africa.
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Money is pouring out of South African assets amid national Treasury upheaval and a warning from state owned electricity company Eskom that its liquidity levels are below where the company wants them amid a tough funding environment.
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FirstRand Bank has launched its second syndicated loan of the year, two weeks after signing a $540m loan with Asian banks. The new $500m loan is aimed at international banks, and is priced more tightly than other loans for South African banks this year.
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Liquid Telecom’s $180m tap of its $550m 8.5% July 2022s has harnessed a growing interest from Asian investors for African high yield names.
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The book for Liquid Telecom's $180m tap of its $550m 8.5% July 2022s has reached $400m.
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Liquid Telecom is planning a return to the dollar market four months after making its debut in the currency, bankers on the new deal said on Monday.
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October’s European IPOs are seeing mixed results in trading, with some of the month’s deals slipping after pricing, while others enjoy strong performance.
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South Africa’s FirstRand Bank has successfully completed its Asian-bank focused syndication for $540m, an increase from its launch amount of $250m.
