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Africa

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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.
  • 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.
  • The Republic of Ghana was set to price its dollar dual tranche bond as GlobalCapital went to press on Thursday evening, having picked a phenomenal day for a deal, with the bonds of several African sovereigns bouncing two points.
  • The Republic of Ghana is taking advantage of a more stable day in emerging market currency trading to print its bond, though the country’s outstanding paper has widened during the roadshow.
  • African Export-Import Bank is setting off on a dollar roadshow to market a benchmark, Reg S dollar bond with a tenor of five to seven years.
  • National Bank of Egypt (NBE) is due to launch a dollar denominated three year loan imminently.