Africa
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International banks want quick answers from the Kenyan government on the status of its loan from Eastern and Southern African Trade and Development Bank (PTA Bank), which has threatened their bigger syndication for the sovereign just as the mandate is being finalised. -
Nigeria’s 15 year bondlooked to be going strongly on Thursday, with investors piling $4.5bn of orders into the book by lunchtime.
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Tunisia has opted for a two day execution strategy and is collecting indications of interest for its first euro-denominated trade since 2005, with an aim of printing the deal on Friday.
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Nigeria impressed on its roadshow this week but concerns about the country’s FX regime have resulted in a wide range of feedback for pricing from investors.
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The speed and success of Sibanye Gold in closing a loan to back its acquisition of US palladium miner Stillwater, has put South Africa in focus for bankers amid talk that two other acquisition deals out of the country could follow soon.
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Two African sovereigns are lining up issue fresh debt in 2017, hoping to emulate the success that Egypt enjoyed last week with its $4bn blowout.
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The long drought in Sub-Saharan African bond issuance could end as early as next week after Nigeria set dates for a four day international roadshow.
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Tunisia has picked three banks for a euro-denominated benchmark transaction which looks set to be only its second deal without a guarantee since 2007.
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Investec Australia Property Fund, the Johannesburg-listed real estate investment trust focused on commercial property in Australia and New Zealand, set terms for its partially underwritten R1.5bn ($111m) rights issue on Tuesday. Investors marked the shares up 2.3% on the day.
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Africa Finance Corp (AFC) made its sukuk market debut on Tuesday with a well-received $150m private placement.
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Egypt scored $4bn with a well-timed, tightly priced dollar bond on Tuesday. The deal is Egypt’s first since a $12bn IMF extended fund facility was approved in November and is a huge vote of confidence for Egypt’s improving investment story.
