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Most recent/Bond comments/Ad
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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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Investec has had an overwhelming response to its $300m loan, which was launched back in June, with 30 banks on the ticket taking commitments over $650m despite downgrades to the credit rating of both the borrower and its sovereign, South Africa. -
Kenya has opted to extend a $750m loan which is due to mature in two months, due to the onset of violence after its election result making alternative funding difficult.
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South African lenders, Investec and Standard Bank’s loans are due to sign this week, along with United Biscuits' acquisition loan, which is expected to close tomorrow.
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The autumn IPO season in EMEA got off to a promising start on Wednesday when Steinhoff International, the South Africa-based retail group, announced the launch of what will be one of the biggest IPOs on the Johannesburg Stock Exchange in recent years. If the hospitable market conditions hold, bankers are confident that it will be the first of many important deals over the coming months, writes Aidan Gregory.
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Two pieces of the autumn IPO jigsaw have been revealed this so far this week by intention to float announcements. The market has also gained visibility on yet another deal by a UK closed-end investment fund.
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South Africa has had a bumpy ride this summer with the sovereign downgrade and the introduction of a new controversial mining charter in June. Despite that, the loan market has proved its resilience.
