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Africa

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  • African borrowers will soon add a new flavour to the wave of Middle Eastern issuance that has so far dominated the autumn pipeline.
  • The Depository Trust & Clearing Corporation (DTCC) on Wednesday called for "esoteric" exchange traded funds (ETFs) to be “closely monitored” and for a further expansion of clearing of derivatives and cash markets.
  • South Africa’s Democratic Alliance (DA) has sent a freedom of information (FOI) request for full terms of a $2.5bn-equivalent loan from China to utility Eskom, with the official opposition party fearing a potential loss of ownership of the company to its Asian creditors.
  • China lays out even more ambitious plans for lending, trading and investment in Africa at a summit in Beijing this week, the American Chamber of Commerce in Hong Kong (AmCham HK) makes political and economic agenda recommendations to the city’s government, and Hong Kong Exchanges and Clearing asks market participants to be ready for the implementation of investor ID on the Stock Connect.
  • Renaissance Capital has hired a new director for its DCM team as part of the bank’s expansion of its capital markets business in Africa.
  • Lenders have been “very significantly” scaled back in a $1bn loan for Egyptian General Petroleum Corp (EGPC), as demand for the pre-export finance deal far surpassed the cross-border trade linked to the loan’s structure.