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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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ArcelorMittal South Africa is seeking to raise R4.5bn ($321m) to improve its weakened financial position, with a rights issue fully underwritten by its parent, ArcelorMittal Group. -
Stanbic IBTC, the subsidiary of Standard Bank also known as Stanbic Nigeria, signed its debut syndicated loan on Wednesday with a mostly Middle Eastern syndicate.
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Lonmin's $407m rescue rights issue passed its first hurdle on Thursday (November 19), when shareholders voted strongly to approve the deal. Lonmin's shares fell 2.6%, but that was mild by recent standards.
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Kenya is offering to pay a margin 45bp higher than on its last loan, signed in 2012, as it syndicates a new $600m two year financing. The loan is drumming up strong interest.
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FirstRand Bank was due to complete a $225m loan this week and bankers predict that more South African banks will come to the market regularly with smaller deals.
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The Republic of Cameroon’s $750m 9.75% amortising dollar 2025s were bid around a point lower than reoffer on Monday morning, as lead managers Société Générale and Standard Chartered Bank released book statistics for the trade.
