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Africa

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Huge geographical range of credits now on offer
The subordinated debt premium was smaller than that offered by some other EM hybrid issuers
At London investor day, supranational reveals deals and plans for new funding and investments, including fully African project financing
The company is the only corporate issuer in North Africa, making it popular for investors
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  • Some investors are beginning to fear that the rally in emerging markets is running out of rope. Threats to Chinese growth could carry over and damage the prospects of emerging markets economies, according to Jupiter Asset Management.
  • The Republic of Benin has opened books for its debut bond — a six year euro amortiser. Ghana is also expected to enter the market on Tuesday, following a roadshow to promote a dollar bond.
  • Rand Merchant Bank London has made a new addition to its Africa loan syndication team.
  • Nedbank is planning to tap the market for a new loan, the first of an expected parade of South African bank borrowers. While bankers still worry about aspects of lending into the country, including a potential ratings downgrade and political uncertainty, appetite remains strong.
  • European high yield investors are as eager to buy bonds as their investment grade counterparts — the difference is, while IG issuers have been pouring paper into the market, high yield has been in a drought. But that is at last starting to break.
  • The Ivory Coast is set to tap the loan market to raise long-term financing. Market spectators were confident about the sovereign's chances. Its currency peg against the euro has proved attractive to both investors and lenders in recent years.