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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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The South Africa sukuk might well go fine, but that doesn’t mean it was a good idea. The country is in no position to pay away basis points for spurious long term diversification benefits, and has no ambition to build a domestic Islamic finance market. -
The Republic of South Africa started execution on its first ever sukuk on Tuesday. Debt bankers away from the bond saw the starting point 30bp back of the sovereign's conventional curve. But syndicate officials on the deal said the sukuk had started 20bp wide of where a conventional note in the same tenor would be priced.
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South African prepared meal firm Rhodes Food opened books on an IPO on Monday that could value it at around R1.1bn ($99.7m).
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South African gold miner AngloGold Ashanti has pulled a plan that would have seen it launch a $2bn capital raise alongside a wholesale restructuring after investors balked at the plan.
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The Republic of South Africa has set the tenor on its prospective debut sukuk, and plans to release initial price thoughts early this week. The borrower’s conventional bonds widened 5bp Monday, which some debt bankers away from the deal ascribed to the National Treasury’s plan to close the funding gap for state electricity provider Eskom. But others argued it was in line with wider market weakness.
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Nigerian interdealer broker Parthian Partners has signed a joined venture agreement with global interdealer broker Tullett Prebon, which could boost liquidity in the country’s interest rate derivatives and non-deliverable forwards.
