Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Even if ceasefire succeeds, investors will still want a risk premium
Demand allowed the bank to cut the yield by 35bp
The country offers huge potential and possible pitfalls for investors
A piece of very rare African senior bank issuance could also come this week
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South Africa is set to price a $500m debut sukuk to yield 3.9% on Wednesday afternoon — a landmark deal in a continent enjoying an influx of Islamic money. But as with other inaugural sukuk offerings there was no hint of consensus over the sukuk’s concession to the conventional curve. -
In the CEEMEA bond market the star product of the week is sukuk with South Africa, Luxembourg and Goldman Sachs all working on deals.
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South Africa priced a $500m debut sukuk to yield 3.9% on Wednesday afternoon — a landmark deal in a continent enjoying an influx of Islamic money. But as with other inaugural sukuk offerings there was no hint of consensus over the sukuk’s concession to the conventional curve.
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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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Access Bank Nigeria is set to ask shareholders for permission to raise as much as N68bn ($414m) at a meeting next month.
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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.
