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GC Asia
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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.
26 May 2020 -
Darrant leaves JP Morgan to co-head Citi syndicate with Michael
Nick Darrant, JP Morgan's head of CEEMEA debt capital markets syndicate, is leaving the bank after five years to join Citigroup as co-head of EMEA syndicate.
21 May 2020 -
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.
21 May 2020 -
Investors form Africa debt forum to grapple with Covid fallout
A group of investors have formed a working group to coordinate the tricky issue of debt relief in Africa, as the economic impact of Covid-19 hastens the reality.
18 May 2020 -
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.
15 May 2020 -
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.
14 May 2020 -
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.
30 Apr 2020 -
CNMM’s Africa business seeks debut offshore loan
The African business unit of China Nonferrous Metal Mining (Group) Co, a mainland state-owned company, is tapping the offshore loan market for the first time, seeking $300m.
28 Apr 2020 -
Investec opts for extension over refi as pandemic forces loan prices to balloon
South African bank Investec has chosen to extend the tenor of an existing loan instead of refinancing it, in an attempt to avoid paying the wider margins lenders are demanding as a result of the coronavirus pandemic.
21 Apr 2020 -
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.
09 Apr 2020
