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Africa

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Pod 'sell America'


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 has agreed a loan with one new lender and bumped up its bridge facility with Crédit Agricole and UniCredit. The steps were taken to support the retailer’s increased offer for the UK’s discount retailer Poundland.
  • The deadline for responses to Egypt’s RFP passed at noon in Cairo on Thursday with a decision on the mandate expected as soon as early next week, said one DCM banker.
  • European equity capital markets remain muted ahead of what many participants expect to be an extremely busy autumn window. Yet in London, there is one live deal of substantial size progressing steadily towards completion.
  • Ghana bought back $100m of its outstanding 2017s on Tuesday after postponing a new issue last week which was due to finance a much larger buy-back. Ghana’s bonds have since rallied, bringing the country’s borrowing costs down substantially, according to a fixed income investor.
  • CEE
    CEEMEA primary markets have finally become a victim of the summer heat but there’s no snoozing on the beach for syndicate bankers. Planning for the second half of the year has already started in earnest.
  • Payment of the overdue coupon and principal on the Republic of Congo’s $478m 2029s has sparked a rally in the sovereign’s bonds, but an investor said he was still uncertain whether the default was the result of an administrative error or symptomatic of a deeper problem with the country’s finances.