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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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African politics had the focus of EM bond investors on Wednesday morning with South Africa’s president Zuma surviving a no-confidence vote, and Kenya’s presidential vote looking like a victory for the incumbent, Uhuru Kenyatta. Africa has also provided this week’s only new issue, a $200m tap from the Gabon. -
Gabon on Monday placed a $200m reopening of its 2025s with no new issue premium in what bankers described as good trade all round.
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Gabon reopened its 2025s on Monday morning to take advantage of a recent five cash point rally in its debt.
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Republic of Congo is in technical default after a $21m interest and principal payment on its Eurobond maturing 2029 did not reach investors during the 30 day grace period. The government announced plans to issue a Eurobond in its budget for the second year running, but international market access is likely to be closed until the problem is resolved, according to analysts.
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A solitary capital increase from Monday was the stand-out trade of a meagre bunch in equity capital markets this week, with the IPO market on pause until September.
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Foschini Group, the South African fashion retailer, raised R2.5bn ($190m) of equity capital on Monday night, in an accelerated capital increase that was increased from R2bn.
