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Africa

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  • Global Telecom, a telecommunications company founded in Egypt and headquartered in the Netherlands, has extended a $200m loan by six months.
  • Steinhoff International’s revelation of accounting irregularities has smashed the reputation of a company that had been widely admired as a daring and astute user of capital markets. Sam Kerr, Virginia Furness, Aidan Gregory, Silas Brown and Bianca Boorer examine how the retailer's troubles have rocked confidence among bond, equity and loan investors and even shaken appetite for South African risk.
  • Investors may be quick to pass off Steinhoff’s collapse as an idiosyncratic corporate event, but the fall of one of South Africa’s biggest companies is a severe blow to a country struggling to cling on to its image.
  • South African property investment company Growthpoint postponed a euro denominated five year note on Wednesday suggesting that even high quality credits from the country will struggle to do deals as investors turn increasingly negative on it.
  • 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.