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Africa

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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.
  • 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.
  • 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.