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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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Citigroup is forming a new EMEA sustainable banking team and has hired a senior sustainable banking expert who had spent two years away from the firm, working for a supranational. -
Moody’s has downgraded South Africa’s outlook from stable to negative, in what some think is the precursor to the country being classified as a junk borrower. Lenders — in characteristic fashion — have shrugged off the implications for the country’s borrowers, claiming they enjoy a strong national banking system.
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South African Bank Investec has agreed a $300m term loan facility with a consortium of international lenders. The deal, Investec's second syndicated facility this year, confirms that lenders remain committed to the South African market despite uncertainty around the country's economy and investment-grade ratings.
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Emerging market issuers continued to enjoy solid market conditions this week with new mandates joining the pipeline and Abu Dhabi’s Mamoura executing a $3.5bn triple tranche trade.
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South African gold producer Sibanye-Stillwater has refinanced an existing local currency revolving credit facility, demonstrating lender confidence in the country's borrowers despite the threat of an impending rating downgrade.
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Europe’s lacklustre market for IPOs is showing little signs of improvement as the African Export-Import Bank (Afreximbank), the African trade finance group, pulled its $250m IPO on the London Stock Exchange, blaming “unfavourable market conditions”.
