Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Hunt is on for ready issuers after bond prices recover
Senegal bonds are trading at distressed levels and there is a risk of restructuring
UK and South Africa firms to collaborate on equity research, trading and advisory
Company signed inaugural facility for $175m in 2024
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South Africa raised $2bn in a difficult market on Tuesday, after US Treasuries widened unexpectedly at just the moment that the sovereign began marketing its new deal. The resulting sell-off in both South Africa’s curve and the rand meant that the issuer was not able to tighten pricing as much as had been anticipated, and the deal was smaller. -
Egypt’s Banque Misr is looking to raise dollar funding from the loan market, according to lenders, continuing the trend of financial institutions in the country raising international bank debt.
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South Africa had to contend with an unexpected widening in US Treasuries when marketing its new deal on Tuesday. The resulting sell-off in both South Africa’s curve and the rand meant that the issuer was not able to tighten pricing as much as had been anticipated, and the deal was smaller overall.
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South Africa has opened books on its first sovereign trade this year and is looking to capitalise on goodwill towards president Cyril Ramaphosa’s economic transformation efforts. It hopes to offset the recent spread widening that has followed weakness in the rand — and in broader emerging markets — as a result of the stronger dollar.
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Arab Republic of Egypt’s bonds have rallied 50bp since last week with investors acting on a positive endorsement from Standard & Poor’s. Analysts say that any positive signals or third party endorsements will become increasingly important to the buyside as credit differentiation comes into play.
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The Republic of Ghana raised $2bn with a dual tranche 10 and 30 year bond issue on Thursday, timing the deal well as emerging market assets rallied after several days of weakness.
