Africa

Growthpoint, the South African listed property investment holding company, has picked banks for its first public deal since 2011. Though deemed an emerging market trade because of the jurisdiction of the issuer, it also appeals to corporate or high grade funds.

After a brief sell-off in response to S&P’s decision to cut South Africa’s foreign and local currency issuer rating last Friday, South African assets rallied on Monday, as investors buy on the dip — even though the country’s economic outlook is on a downward trajectory.

Republic of Nigeria

Nigeria issued a dual tranche 10 and 30 year Eurobond this week that traded up between two and three cash points, as emerging markets (EM) assets recovered after a recent wobble.

Energy and chemical company Sasol has signed South Africa’s biggest loan deal of the year so far — a $3.9bn revolving credit facility with 17 banks.

Investors in emerging market bonds were in a celebratory mood this week as the asset class rallied back following losses last week.

Nasdaq, the exchanges and trading technology company, is launching a blockchain-based product in South Africa, designed to make shareholder voting more efficient.

Nigeria made full use of perfect funding conditions this week to print 30 year debt well inside what it paid for a 15 year bond earlier this year, drawing an impressive $11.4bn book in the process.

Citi has combined its Middle East and Africa (ex-South Africa) investment banking divisions and named a head for the new entity.

Orders for Nigeria’s 10 and 30 year bond issue had reached $5.5bn on Monday morning. The 10 year portion is likely to take the most orders, but the 30 year tranche is piquing interest, according to deal watchers.

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.