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Investors were eager to tender their bonds despite initial resistance
Inclusion of a variable rate instrument was not acceptable to official creditors
Oil producer's cost of funding has fallen hundreds of basis points since February
Sovereign's Eurobond began about 40bp back of fair value, said leads
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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.
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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.
