Africa

Mozambique's debt saga reached an important milestone on Saturday with the publication of an independent audit of the country’s debt by risk assessment firm, Kroll. While the findings, which included $500m of unaccounted for funds, may have disappointed investors, the country’s tightly held Eurobonds were unmoved on Monday.

Nigeria’s debut diaspora dollar bond sold off sharply in secondary trading as the decline in oil prices weighed on investor sentiment.

South African internet group Naspers and pan-African fibre cable provider Liquid Telecom are looking to add to what has been the busiest month for African issuance since July 2014. But an oil-related sell-off this week may mean tougher conditions for Liquid Telecom in particular next week.

South Africa-based media group Naspers is looking to add to what has been the busiest month for African issuance since July 2014 but an oil-related sell-off this week suggests that the company may have missed the golden window.

Atlas Mara, the London-listed company co-founded by Bob Diamond that invests in African financial services, announced a $200m equity capital raising on Wednesday, most of which will be taken up by Fairfax Africa Holdings Corp.

South Africa’s Sibanye Gold attracted more than $2bn of demand for a debut dual-tranche Eurobond on Tuesday.

Nigeria priced sub-Saharan Africa’s first diaspora bond comfortably inside initial indications on Tuesday after two days of bookbuilding. However, the bonds, which were printed at 5.625%, had widened to nearly 6% by midday Tuesday and have stayed around that level.

Etisalat has been given until Friday to transfer all its shares in Etisalat Nigeria to a syndicate of 13 Nigerian banks, after talks on restructuring a $1.2bn loan from 2013 fell through.

It is tale of the haves and have nots in EM this week as Argentina’s surprise 100 year bond received a $10bn book but Nigeria’s diaspora bond underwhelmed and prompted a widening of the sub-Saharan African sector.

Emerging market governments must lead the way in green bonds to encourage corporates to enter the market around the world, according to Rahul Ghosh, a senior credit officer at Moody’s.

Etisalat Nigeria is in the “advanced stage” of its negotiations with 13 local banks over the restructuring of a $1.2bn loan taken out in 2013, according to the company.

Nigeria is offering around a 30bp premium at price talk for its first diaspora bond as deal watchers asked whether it will really be able to attract $300m of retail investment.