Africa

Debut issuer Liquid Telecom had the sole focus of the CEEMEA primary bond market this week with bankers on the deal hoping that the combination of high yield and low duration will tick the right boxes for investors as rates continue to tick up.

Pan-African fibre cable company Liquid Telecom is expected to come to the market with a $600m five non-call three year trade this week, bolstered by sharply improving sentiment towards sub-Saharan Africa credit.

Bondholders and creditors remain at loggerheads over the restructuring of Mozambique’s debt following the publication of an independent audit of the country’s debt by risk assessment firm Kroll.

Nigeria last week priced the first ever SEC-registered diaspora bond, raising $300m from a novel funding source made up of Nigerian expatriates. And continuing its bid to diversify its funding kit, the sovereign has now turned its sights to a naira denominated sukuk.

Naspers returned to the eurobond market after a two year absence on Thursday, releasing initial price thoughts for a new dollar benchmark.

Standard Bank is planning to launch a $750m syndicated loan, and hopes to drum up enough interest to enlarge it to $1.25bn.

For emerging market bond investors, every crisis is an opportunity as inflows into the asset class continue to compress yields. Russia, commodity exporters and Mozambique are in focus this week.

Ghana Cocoa Board held a successful roadshow in London on Friday for its annual cocoa harvest loan financing, according to a banker on the deal.

Boutique banking firm MetZurich has hired two bankers from Investec who left the firm earlier this year when the bank effectively closed its emerging markets business.

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.