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◆ Why emerging market issuers are doing less in dollars ◆ Republic of Congo located between rock and hard place ◆ The GlobalCapital Podcast was brought to you by the numbers 17, 100 and the whole Alphabet
The yield was ultra high but Congo had little room to manoeuvre
Benin showed Islamic issuance is a viable market for sub-Saharan African sovereigns
Observers have questioned why the country is issuing debt at this price
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Equity investors have turned on what was once a darling retail stock in a dramatic two day sell-off which has rocked the company and South Africa to its core. -
The shocking fall from grace this week of Steinhoff International, the South African retail group, is causing pain for many in the equity-linked debt market, where it has issued €2.7bn of bonds. The potentially unsound nature of its earnings caused an 80% collapse in its share price this week, and has triggered a fast transfer of its convertibles into specialist hands.
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South Africa’s second largest private hospital operator Life Healthcare group has signed a £350m syndicated loan to refinance its acquisition of UK-based Alliance Medical group last year.
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Steinhoff International, the global retail conglomerate and one of South Africa’s largest companies, has seen its share price collapse in a historic sell-off, which onlookers say is unprecedented for South African equities.
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No deal had appeared from Growthpoint, the Johannesburg listed property company, by lunchtime on Wednesday with two investors telling GlobalCapital that the issuer was struggling to drum up enough demand. The leads later sent out a note to say that the deal had been postponed.
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South Africa based Growthpoint is talking a new euro-denominated bond at mid to high 2% yield, following investor meetings last week.
