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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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The $1bn loan for telecoms firm MTN needed an accordion feature to get it to target size, even though the loan market has so far shrugged off the volatility surrounding allegations against the country’s finance minister. -
South African president Jacob Zuma has spoken out in support of the country's troubled finance minister, Pravin Gordhan, but this did little to reassure the market as volatility in local currency bonds and the rand extended into Thursday.
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The loan for South Africa’s MTN, which is partly underwritten by BAML and Citi, may have to include an accordion feature to hit its $1bn target size, said a banker on the deal.
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PPC, the largest listed cement producer in South Africa, has set terms for its R4bn ($280m) rights issue after the deal was almost unanimously approved by shareholders at the start of August.
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SPAR BBBEE Retailer Employee Trust and the SPAR BBBEE Employee Trust, have sold 3.8% of Spar Group, the South African supermarket chain, for R1.5bn ($108m) via an accelerated bookbuild that unwound a black economic empowerment scheme set up in 2009.
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The $4bn of loans for Steinhoff’s acquisition of Mattress Firm are in syndication and due to be signed next week, according to a banker involved in the deal.
