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Africa

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Pod 'sell America'


The familiar problem of inter-creditor opacity has also reappeared
Company in 'no doubt' a public trade would have delivered better pricing
As with other private placements from Africa, observers have questioned the merits of the format
Benin reaped the rewards of its sukuk debut last week, and will do so for years to come
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  • Lagos-headquartered multilateral finance institution Africa Finance Corporation (AFC) signed a $140m-equivalent syndicated Kimchi term loan facility with Shinhan Bank — its first Korean-focused tool, as the bank diversifies its funding sources.
  • The Republic of Angola printed a $3bn two tranche trade on Tuesday with no new issue premium, waving off any concerns that investors might be wary of a borrower in a complicated economic situation.
  • Africa Finance Corporation (AFC) increased its Swiss franc debt stack on Tuesday, pricing a Sfr200m ($202m) four-year bond that was double the size of its last outing in the market.
  • The Republic of Angola sought a dual tranche trade on Tuesday, marketing 10 and 30 year bonds to investors that will likely have mixed views on the sovereign.
  • Africa Finance Corporation, the pan-African multilateral development finance institution (DFI), has mandated for a Swiss franc bond as its only other note in the currency approaches redemption.
  • The Arab Republic of Egypt this week proved that emerging market bond investors will still part with their cash even at this stage in the year if the deal is right, while at the same time proving that ultra-long dated bond funding is open to emerging markets issuers.