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Africa

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  • Foschini Group, the South African retailer of clothing, cosmetics and jewellery, has launched the sale of R2bn ($150m) worth of new shares to repay a loan used for an acquisition in Australia.
  • Republic of Congo looked dangerously close to default on Monday morning with the bonds holding around a cash price of 70 as investors, who are waiting for a $21m interest and principal payment, await an update from the sovereign. The 30 day grace period for repayment expired on Sunday.
  • Steinhoff Europe made its debut in senior euro corporate bond markets on Monday and was the only issuer to offer investors a transaction on the day. The €750m 7.5 year deal followed a European roadshow last week.
  • Investors jumped at the chance to buy rare longer dated investment grade African risk on Thursday enabling Banque Ouest Africaine de Développement (BOAD) to raise $850m with a 10 year benchmark on Thursday.
  • Investors dumped Ghana's Eurobonds this week after the future of its relationship with the International Monetary Fund was thrown into doubt. The confusion has been unhelpful to a country which has historically had difficult relationships with international markets, though it did point to the over-reliance of some investors on an IMF anchor, writes Virginia Furness.
  • Banque Ouest Africaine de Developpement (BOAD) offered investors a rare chance to buy longer dated investment grade African risk with a new 10 year benchmark on Thursday.