Africa
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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. -
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.
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After a raft of highly rated sovereigns, two single-B rated borrowers appeared this week to offer the first opportunity to buy true emerging market credit from the CEEMEA region this year. One deal was a record for its type while the other reopened a market dormant for years. Virginia Furness reports.
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Sibanye Gold, the South African gold producer, confirmed a surfeit of lending demand at bank meetings on Thursday as it wrapped up final commitments for loans backing its acquisition of US palladium miner Stillwater.
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Egypt scored $4bn with its well timed, tightly priced dollar bond on Tuesday. The success of the deal was a function of both the strength of the market and the positive steps the Egyptian government has taken under its deal with the IMF.
