Africa - All Articles

  • Africa shows up at last as Ivory Coast mandates for euros

    The Ivory Coast has sparked life into what has been a bleak year for sub-Saharan African bond issuance. Most sovereigns have turned to the official sector to support them throughout the coronavirus crisis as a result of being priced out of the international debt capital markets, bankers said.

    • 12.15 PM
  • Sappi sells $120m convertible, first since 1995

    South African pulp and paper company Sappi has tapped the equity-linked market for financing with a new five-year R1.8bn ($120m) convertible bond.

    • 18 Nov 2020
  • Tough times await defaulted Zambia

    Zambia has become Africa’s first sovereign to default since the coronavirus started, after it failed to make payments on its Eurobonds. The heavily indebted country now faces a rocky path to debt restructuring, market sources said.

    • 16 Nov 2020
  • Growthpoint Properties raises $275m to refinance Capital & Regional acquisition

    South African commercial landlord Growthpoint Properties has sold R4.3bn ($275m) of new shares to fund deleveraging, including repaying debt used to finance its acquisition of Capital & Regional at the end of 2019.

    • 12 Nov 2020
  • Egypt steams on with diversification as sukuk debut approaches

    Egypt, which has already entered international debt markets twice this year, is on its way to debuting in the sukuk market following cabinet approval for an Islamic financing bill. The sovereign raised its debut syndicated loan in September that included an Islamic tranche, which bankers said was a fitting prelude to a sukuk.

    • 10 Nov 2020
  • Zambia headed for default with bondholders set to reject deferral request

    Zambia is headed for a default next week, as GlobalCapital understands the bondholder committee responsible for 40% of the sovereign Eurobonds will reject the deferral request in a vote next week.

    • 05 Nov 2020
  • CEEMEA corporate issuance to rise in 2021

    Corporate issuance volumes across CEEMEA have dropped this year, while sovereign issuance has sky-rocketed. The decline, said market participants, is testament to the resilience of the corporate sector, though a revival in issuance is expected in 2021.

    • 03 Nov 2020
  • Sovs dominate CEEMEA bonds in coronavirus relief effort

    Sovereigns have dominated bond issuance in the CEEMEA region this year. But rating agencies expect sovereign downgrades in 2021.

    • 02 Nov 2020