Africa

Renminbi’s share of international payments rises slightly in February, Liaoning free trade zone (FTZ) allows foreign investors to build renminbi pool, and the Chinese president Xi Jinping to meet with his US counterpart for the first time. Plus a recap of this week’s coverage.

Nigeria returned to re-open its $1bn 2032s to raise an additional $500m on Wednesday. The trade was a no-brainer, said EM bankers, and a saving grace after the issuer paid up for its February trade.

South African diamond mining company Petra Diamonds has picked lead managers for a dollar roadshow as the company attempts to optimise its debt liabilities.

Emerging market borrowers showed no regard for the start of the UK's official departure from the EU on Wednesday, opening books on four deals as prime minister Teresa May formally triggered Article 50 of the Lisbon Treaty.

Nigeria reopened its 2032s to raise an additional $500m on Wednesday, after making a successful foray into the international markets in February.

India’s Jindal Steel and Power (JSPL) is negotiating with lenders to extend maturities on syndicated and bilateral loans worth a total of about $760m, according to sources. With commodity prices having come out of last year’s lows, lenders are thawing to the sector but will continue to approach it with caution, writes Shruti Chaturvedi.

Life Healthcare, the South African private hospitals group, has finalised the terms for the R9bn ($712m) rights issue it is carrying out to finance its acquisition of Alliance Medical Group, the UK medical imaging services provider.

While global equities appear to be tanking, emerging market bonds are once again on fire with inflows supporting propping up what seems a never ending bid, but as ever, idiosyncratic risks are playing a bum note on some deals.

South Africa will meet investors in London and the US next week after announcing plans to borrow up to $2bn in the international markets this year.

Kenya finally launched an $800m loan into syndication after the appearance of another deal for the government delayed the process.

First Quantum Minerals raised $2.2bn for refinancing purposes on Thursday, in what was said to be the biggest corporate high yield bond issue from the CEEMEA region ever - though it was the same size as a VimpelCom deal in 2011.

South Africa’s Nedbank is dipping its toes into Asian liquidity for a $350m three year bullet that gives lenders the option of committing in dollars and euros.