Africa

After the US public holiday on Monday restricted trading, the equity block trades market in EMEA reopened spectacularly this week, with a rush of large deals from across the region.

Steinhoff International, the South African conglomerate, has opened the books on the IPO of Steinhoff Africa Retail (Star), a company formed from its African retail assets, which could value the business at up to R79.3bn ($6.1bn) if it is priced at the top of its range.

Tanzania has signed a $500m loan with Credit Suisse and a syndicate of other banks, according to an official close to the deal.

Fairfax Africa has taken its stake in Atlas Mara, the African investment vehicle co-founded by former Barclays CEO Bob Diamond, up to 42.4% after completing a strategic financing.

The summer lull is at an end and borrowers have sprung back into action. The BondMarker voters have delivered their verdict on which of last week's deals impressed.

In spite of the recent downgrade of South Africa and five of its largest banks, Standard Bank and Investec have received overwhelming demand from international banks for their loan financings.

Standard Bank has signed a $1bn syndicated loan with 43 banks on the ticket, marking another success for South Africa’s banking industry despite suffering rating downgrades earlier this year.

Republic of Congo’s 6% 2029s jumped nearly 10 cash points after restraining orders on the issuer’s trustee, which prevented payments reaching bondholders, were lifted.

Investec has had an overwhelming response to its $300m loan, which was launched back in June, with 30 banks on the ticket taking commitments over $650m despite downgrades to the credit rating of both the borrower and its sovereign, South Africa.

Kenya has opted to extend a $750m loan which is due to mature in two months, due to the onset of violence after its election result making alternative funding difficult.

South African lenders, Investec and Standard Bank’s loans are due to sign this week, along with United Biscuits' acquisition loan, which is expected to close tomorrow.

The autumn IPO season in EMEA got off to a promising start on Wednesday when Steinhoff International, the South Africa-based retail group, announced the launch of what will be one of the biggest IPOs on the Johannesburg Stock Exchange in recent years. If the hospitable market conditions hold, bankers are confident that it will be the first of many important deals over the coming months, writes Aidan Gregory.