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The country offers huge potential and possible pitfalls for investors
A piece of very rare African senior bank issuance could also come this week
African issuers are dominating CEEMEA issuance
The company's curve has massively outperformed the South African sovereign this month
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Development banks will be the most active borrowers in African loans this year, as appetite from international banks to lend directly to African borrowers wanes, according to market participants. -
The murky waters surrounding Mozambique’s ‘tuna bond’ have thrown up yet another secret loan. Bondholders are clamouring for answers after Mozambique’s freshly issued sovereign bonds dropped several cash points this week.
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Although the deal has taken longer than planned, the $150m loan for Africa Finance Corporation (AFC) will be increased following strong demand from Chinese banks, according to a banker on the deal.
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Standard Bank of South Africa has grown its loan from $600m to $1bn in syndication, largely driven by demand from the four Chinese lenders in lead roles.
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In this round-up, trade settlement picked up in March, Asian exchanges saw declining USDCNY futures volumes, Nigeria will include the RMB in its FX reserves, a survey found the RMB is likely to replace the Hong Kong dollar as most popular currency in HK, and a new cross-border scheme was established between Singapore and China. Plus, a recap of GlobalRMB's top stories this week.
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Steinhoff International, the South African furniture maker and goods retailer that has been on an acquisition spree, raised €1.1bn on Thursday with a convertible bond that bucked the recent trend of deals that have struggled, partly because it was the kind of simple, traditional structure investors like.
