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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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Citigroup and Morgan Stanley have on Thursday night launched and closed the expected $2.5bn capital raising for Naspers, the South African media and e-commerce company, as an accelerated bookbuild. The sale is covered. -
Eqypt’s Banque Misr is finalising a $250m three year loan and will sign on Sunday, according to a banker close to the deal.
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South Africa’s FirstRand Bank will sign its $225m loan next week, according to a banker close to the deal.
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Lead bankers are finalising allocations for Kenya’s $600m sovereign loan and expect it to grow from its initial size.
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Standard Bank will pay $25.2m to the UK Treasury and will be required to pay the government of Tanzania a further $7m in compensation over its failure to prevent bribery. The fine relates to the winning of a mandate for Tanzania’s $600m private placement in 2013, the pricing of which was heavily criticised by bankers away from the deal.
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Nigeria’s Ecobank signed its $170m loan refinancing on Monday, the deal pays 1% more than the previous loan and has attracted four new lenders, despite a meagre showing of Nigerian deals this year.
