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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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Caa1 rated Banque Misr is syndicating a loan with a longer than usual tenor of five years, though a guarantee from the Egyptian central bank will help drive demand, according to two bankers away from the deal. -
Daily portfolio flows to emerging markets have fallen since the US election, with the seven day moving average declining to its the lowest level since August 2015, according to the Institute of International Finance.
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Bayer, the German life sciences group, picked Tuesday night to launch the first part of its $19bn equity financing for its $66bn takeover of Monsanto. Bayer's deal comes as equity markets are revitalised by the new conviction that Western policy is shifting to reflation.
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Shares in Dis-Chem Pharmacies, the South African retail pharmacy group, closed 16% above their offer price on their debut on Friday, after the company had raised R4.38bn ($305m) by pricing its IPO slightly above the middle of its range on Monday.
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In the midst of an aggressive EM bond rout, Egypt was given a much needed boost after the International Monetary Fund approved a three year $12bn loan on Friday.
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Dis-Chem Pharmacies, the South African retail pharmacy group, has tightened the price range on its Johannesburg IPO, which values it at up to R16bn ($1.1bn).
