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