Most recent/Bond comments/Ad
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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Afreximbank has mandated 14 banks to syndicate a $700m loan, a little over a week after securing a Samurai facility of around $100m. -
Petra Diamonds cut through a rough period for South Africa to print a $650m five year bond this week — but the deal is not evidence that the market is open to all borrowers from the country as Petra outshines the rest, said bankers.
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Africa Finance Corporation was on track to print a seven year bond on Thursday and had taken orders of $1.9bn on Thursday morning.
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Petra Diamonds became the first South African issuer to test the markets in the wake of an aggressive cabinet reshuffle that saw the dismissal of respected finance minister Pravin Gordhan last week.
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Even as South Africa and Halkbank prove that idiosyncratic risks are ever present in in emerging market bonds, conditions remain beyond syndicate bankers wildest dreams. That is good news for the bulging pipeline.
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The Treasury of South Africa has taken to Twitter to save its investment grade status. But adopting a Donald Trump approach to global communication, while passing responsibility for its credit rating to its citizens, does nothing to help South Africa’s credibility.
