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◆ Why emerging market issuers are doing less in dollars ◆ Republic of Congo located between rock and hard place ◆ The GlobalCapital Podcast was brought to you by the numbers 17, 100 and the whole Alphabet
The yield was ultra high but Congo had little room to manoeuvre
Benin showed Islamic issuance is a viable market for sub-Saharan African sovereigns
Observers have questioned why the country is issuing debt at this price
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Nigerian corporate Seven Energy is returning to market with a seven year non-call three deal, which it had to abort in late July because of a downturn in the CEEMEA market. But new commitments from two public sector entities means Seven is in a stronger position than before, which bodes well for a deal that a pack of prospective Africa corporate borrowers will be watching carefully, said bankers on the deal. -
Nigerian holiday firm Transcorp Hotels is set to raise funds for new hotels through an IPO that will be launched this week.
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The Republic of South Africa printed a debut sukuk this week, which represented a tightly priced first foray into a new investor base for the issuer and a benchmark for the country’s corporates to follow, said bankers on the deal. But their counterparts away from the transaction questioned the claims of tight pricing and pointed to what they saw as a sour performance in the secondary market.
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A fresh wave of sukuk this week made September the biggest month ever for international sales of the product. But debut deals from Goldman Sachs and the Republic of South Africa have implications that go far beyond issuance records. These landmark transactions have paved the way for Western firms and African issuers to add their names to the expanding market.
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The Republic of South Africa printed a debut sukuk this week, which represented a tightly priced first foray into a new investor base for the issuer and a benchmark for the country’s corporates to follow, said bankers on the deal. But their counterparts away from the transaction questioned the claims of tight pricing and pointed to what they saw as a sour performance in the secondary market.
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South Africa printed the continent’s first international sukuk deal on Wednesday, offering a valuable benchmark for South African corporates, state-owned enterprises and other African sovereigns. South African SOEs like Eskom are among the borrowers considering sukuk as a new funding tool, but SOEs need the South African authorities to amend its tax policy in order to pave the way for follow on sukuk.
