Africa

GlobalCapital revealed the winners of its 2017 Loan Awards at its annual Loans and Leveraged Finance Awards Dinner at Gibson Hall in London on February 7. The full results are below: GlobalCapital congratulates all the winners and nominees.

US oil and gas company Kosmos Energy, which operates in Africa, has refinanced a reserve-based lending facility signed in 2015.

Endeavour Mining, the Toronto-listed, UK-headquartered gold exploration company active in west Africa, has raised $300m to refinance debt with a debut five year convertible bond issue that was well subscribed, according to several sources close to the deal.

Aviva Investors has brought in experienced analyst Carmen Altenkirch as a sovereign analyst on its emerging market debt team.

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.