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The familiar problem of inter-creditor opacity has also reappeared
Company in 'no doubt' a public trade would have delivered better pricing
As with other private placements from Africa, observers have questioned the merits of the format
Benin reaped the rewards of its sukuk debut last week, and will do so for years to come
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Steinhoff completed syndication of $4bn of acquisition loans this week with the deal going “better than expected", according to bankers. The loan market has not shown signs of fatigue for the South African-based furniture retailer, even though the borrower has already asked a lot of the market this year. -
Domestic opposition could derail Egypt’s IMF deal and threaten plans for a dollar market return, analysts have warned.
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African Export-Import Bank (Afreximbank) is signing banks into its $250m Asia focused loan this week and has sent out requests for proposals for a much larger deal.
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Banks are signing documents for the $4bn of acquisition loans for South African-based Steinhoff on Wednesday. The deal has gone “better than expected,” according to one lead banker.
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The Eastern and Southern African Trade and Development Bank (PTA) has chosen seven banks to lead its latest loan refinancing which launched into syndication this week.
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South Africa was thrown into financial uncertainty this week as its finance minister, Pravin Gordhan, became embroiled in a corruption probe by the country’s elite police unit, the Hawks. Volatility hit local currency bonds, which remain some 50bp wider, but the country’s sovereign curve is already recovering and in equities and loans it is business as usual. But some say this underplays the risk of investing in South African assets.
