Africa
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EM investors have had plenty to play for this week with a boost to Turkish GDP buoying support for Yapi Kredi, and more Russian supply. Qatar remains one to watch however, though the country’s fundamentals have not changed. -
Afreximbank had taken books of $2bn for its new seven year note on Tuesday morning as the bid for African credit gathered pace.
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Sibanye Gold, one of the largest South African gold mining companies, has raised R13.5bn ($1bn) to refinance its acquisition of Stillwater in the US, after its rights issue was multiple times oversubscribed.
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Investec Bank launched a $300m two year term loan this week to refinance a three year facility signed in February 2015. The deal comes after Moody's downgraded South Africa's five biggest banks on Monday, following the sovereign downgrade last Friday.
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Systemic corruption, excessive reliance on the courts, and risk of judicial overreach will erode institutional strength, and weigh on growth in South Africa, said Moody’s on Friday as it lowered the country’s rating to Baa3 from Baa2.
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Côte d’Ivoire broke new ground on Thursday with the first euro-denominated trade from a sub-Saharan borrower outside of South Africa. Though the borrower paid up substantially over its dollar curve, it succeeded in its intention to open the market for itself, and for its peers, said bankers on the deal.
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Nigeria on Wednesday added to a building pipeline of African credit with a diaspora bond, the first of its kind from a sub-Saharan African country.
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Nigeria is asking for funding support from its nationals living abroad with a new SEC-registered trade.
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Ivory Coast was on track with its dual tranche dollar and euro offering with the latter drawing plenty of attention from market commentators who referred to the pricing on offer as “insane.”
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South Africa's Sibanye Gold has mandated banks for a $1bn bond offering which will be used to refinance part of a bridge loan used to acquire Stillwater Mining Company.
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Tensions in the GCC are rattling the buyside as both bank and non-bank investors wait for clarity over how the rift between Qatar and other regional states will develop. In the broader CEEMEA debt market, investors are eyeing Turkey’s new euro trade as an opportunity to find some juice in the low yield environment, and anticipating the dual tranche offering from Côte d’Ivoire on Thursday.
