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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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Moody’s has downgraded Mozambique with a negative outlook blaming weaker government willingness to honour its debt related obligations as a primary concern. -
South African state-owned electricity firm Eskom has signed $1.34bn of loans, arranged by African Development Bank. The financing includes what four bankers said was the largest ever ‘B’ loan tranche.
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The former head of loan syndication at African Development Bank has left for a role at a developmental financial institution in Cairo.
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It was a rough day for stocks on Wednesday, but a great day for equity capital markets, with two convertible bonds launched and priced — the first since the UK’s vote to quit the European Union was revealed on June 24. They came on top of a roaring reception for Melrose Industries’ announcement of a £1.7bn rights issue for an acquisition in the US.
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African Bank is gathering responses this week for a two tier buy-back of its outstanding dollar and Swiss franc debt in a bid to reduce its interest expense. The bank was bailed out by the Reserve Bank of South Afica in April.
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Two South African rights issues are under way - one from a position of strength and one to deal with weakness - as the Johannesburg Stock Exchange rallies after the shock of Brexit last Friday.
