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Africa

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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.
  • 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).
  • Egypt’s return to the Eurobond market could be postponed until next year after its finance ministry raised a further $2bn of funding from international banks.
  • In this round-up: RMB indices record a stabilisation of the currency against the trade-weighted baskets, Hong Kong RMB deposits increase nearly 2% in September, and the China cross-border interbank payment system (CIPS) expands to 400 indirect participants. Plus, a recap of our top stories this week.
  • South African Eurobonds rallied a half to three-quarters of a cash point this week after fraud charges against finance minister Pravin Gordhan were dropped on Monday. Now both the sovereign and FirstRand Bank are hitting the road.
  • Mozambique’s 2023 bond rose five cash points on Wednesday after a government official was reported to have said that principal reductions would not be imposed on creditors, but experts are sceptical and one said the comments could have been “lost in translation”.