Africa
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Trade & Development Bank (TDB), the eastern and southern African development bank previously known as Preferential Trade Area Bank, is making its debut in the Middle Eastern loan market with a $200m facility. -
Jordan’s sovereign rating was cut one notch to B+ by Standard & Poor’s and Angola was cut a level to B2 by Moody’s after market close on Friday, as overseas debt levels and weak growth took a toll on both countries.
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South Africa’s dollar bonds have managed to scrape through the rout on some of the country’s risk assets, after local media said the deputy president could be removed from his position and tried for treason.
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Kenya’s largest power producer Kenya Electricity Generating Company (KenGen) is looking to raise $300m in the loan market, which the World Bank is providing a $180m guarantee for.
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The Republic of Egypt is planning to issue a euro denominated bond, its finance minister Amr El-Garhy told GlobalCapital at the IMF Annual Meetings in Washington DC. However, investors are not convinced the sovereign will be able to get the deal done.
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Fitch took the knife to Gabon’s credit rating after market close on Friday, cutting the creditworthiness of the West African sovereign a notch to B at a time of increasing funding requirements for the country.
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African countries are moving full steam ahead to develop their economies through Chinese-funded railway infrastructure, hoping faster growth will forestall concerns about the costs and their ability to pay it back.
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Nigeria’s Fidelity Bank printed a $400m five year bond this week at the highest yield seen in emerging markets this year, and the paper was snapped up immediately in the aftermarket.
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Nigeria’s Fidelity Bank has seen its freshly printed $400m five year paper rocket in the secondary market after pricing the bond on Wednesday.
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Africa’s finance ministers are turning their attention to private sector investment and trying to move beyond bilateral loans from China.
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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.
