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GC Asia
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African borrowers trickle into syndicated loan market
Amid a broader downturn in emerging market syndicated loans, several African issuers — including sovereigns — are seeking debt facilities from international lenders.
15 Apr 2021 -
EM set for uneven recovery, says IMF, though SDR boost on horizon
An uneven economic recovery is expected across emerging and developed markets over the next year, the IMF said this week during its spring meetings. Meanwhile, a proposed boost to special drawing rights has split market opinion.
08 Apr 2021 -
SDRs: better late than never
The announcement this week that the IMF is on its way to issuing a further $650bn of special drawing rights, providing central banks with extra foreign currency liquidity, should not be criticised for being too little, too late. It marks a much needed return to multilateralism, something that the developing world will benefit from.
08 Apr 2021 -
BOAD president seeks to bolster bank finances in aim to support regional recovery
Development banks across the world — and especially those in Africa — have proven to be indispensable sources of relief during the last year. Though Africa has a wealth of challenges to economic recovery, the West African Development Bank, also known as Banque Ouest Africaine de Développement (BOAD), has high ambitions for the year ahead. The bank’s president Serge Ekué spoke to GlobalCapital about these ambitions, including an imminent capital raise.
08 Apr 2021 -
Ghana USD525m 0% April 25 USD1bn 7.75% April 29 USD1bn 7.75% April 29 USD1bn 8.625% April 34 USD500m 8.875% May 42
31 Mar 2021 -
Ghana divides opinion with zero coupon
The Republic of Ghana brought innovation to the emerging market bonds this week, by selling Africa’s first zero coupon international deal. But the “risky” trade ignited debate among bankers and investors after it attracted a smaller order book than expected and required generous pricing as debt sustainability concerns swirled.
31 Mar 2021 -
Slim pickings in CEEMEA as market rues the deal wave that never came
Volatility in the US Treasury market has been the thorn in emerging market bond issuers' sides this quarter. Though bankers had expected borrowers front-load issuance, concerns about global interest rates and investor appetite have dulled volumes.
30 Mar 2021 -
Ghana's 'ambitious' multi-trancher ‘priced to go’
The Republic of Ghana entered the bond market on Monday to sell a multi-tranche dollar bond, which some market participants have called “ambitious”. Some believe the issuer is putting size before price as it tries to locate funding for its 2021 budget.
29 Mar 2021 -
Zambia-IMF talks resume as defaulted sov continues on path to financial stability
Zambia and the IMF will resume negotiations on an extended credit facility package, having missed the first deadline.
26 Mar 2021 -
Nigeria’s Seplat Petroleum drills for dollars, HY market opens up
Nigerian oil and gas exploration and production company Seplat Petroleum entered the international bond markets on Thursday seeking to raise dollar funding. As primary issuance re-starts in the CEEMEA region, Seplat is one of a few high yielding names testing the temperature.
25 Mar 2021
