Africa

  • Crisis Talk — with Samaila Zubairu, CEO of the AFC

    Crisis Talk — with Samaila Zubairu, CEO of the AFC

    Africa Finance Corporation (AFC), the Nigeria-based multilateral development bank (MDBs), has emerged at the forefront of regional coronavirus rescue efforts, providing financing for emergency hospitals, medical aid and more. As Africa finds itself at the centre of global calls for emergency financing and debt relief, the AFC’s chief executive, Samaila Zubairu, talks to GlobalCapital about the bank’s response to the crisis, how its own fundraising plans have been affected, and the future of Chinese capital in the region.

  • Egypt pushes EM revival further with more HY issuance

    Egypt pushes EM revival further with more HY issuance

    Emerging market bond issuance, particularly from the Middle East, has been recovering after the brutal March shocks of Covid-19 and low oil prices. Egypt took that momentum further on Thursday as it announced a triple tranche trade.

  • Sappi pulps HY paper issue as pricing widens in weak market

    Sappi pulps HY paper issue as pricing widens in weak market

    Sappi, the South African pulp and paper company, decided just before lunchtime on Friday to cancel a €250m bond issue, judging the price it would have had to pay too high. The failure of this deal contrasts with the vigorous issuance by much riskier companies in the US market.

  • EM borrowers recoil from loans as lenders demand tougher terms

    EM borrowers recoil from loans as lenders demand tougher terms

    Emerging market borrowers are turning their noses up at the terms on offer in the loan market, which have become dearer during the coronavirus pandemic. Lenders say they are willing and ready to lend, but are not ready to concede on their terms, writes Mariam Meskin.

  • Private sector debt relief pressure builds as virus worsens EM burden

    Private sector debt relief pressure builds as virus worsens EM burden

    While emerging market bond investors are spending their days in the Covid-19 crisis battling with poor liquidity, cash calls from end investors, and even the odd new issue, debt relief has remained a threat, albeit only a vague one. But at policy level the topic is of growing importance, and what began as a matter for official institution creditors took a step closer to embroiling the private sector this week. Ross Lancaster, Phil Thornton and Oliver West report.

  • IMF gives glimmer of hope to most indebted countries

    IMF gives glimmer of hope to most indebted countries

    With emerging markets across the globe facing an overwhelming liquidity squeeze, the IMF said on Thursday that it would “look for solutions that can unlock critical financing” in countries where the unsustainability of debt prevented the fund from lending, potentially increasing funding options for the most stressed of countries.

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