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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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Seven Energy has released initial price thoughts of mid-9% area for a seven year non-call three bond of around $500m. The roadshow for the deal ended on Tuesday and the Reg S/144A note is expected to be this week’s business.
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Bahrain’s Awal Bank sold an 8% stake in London-listed Petra Diamonds on Monday night in a £81.7m block trade led by RBC Capital Markets. -
Tunisia launched a $500m seven year bond this week with a full guarantee from USAID, as part of US efforts to help the country through its transition to a new democratically elected government.
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The African sovereign bond market has come of age, with debt bankers expecting this year’s successes to encourage debut transactions, as well as more regular issuance and diversification into euros from established names. Senegal’s seven times subscribed $500m 10 year bond this week was just the latest deal to surprise bankers, with an aggressive starting point and even tighter finish. But the current open mouthed surprise at what African sovereigns can achieve could soon be forgotten as deal after deal attracts a huge order book despite slim new issue concessions. Steven Gilmore reports.
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Newly listed shares in the South Africa's Alexander Forbes and the UK's Epwin both traded up after their Wednesday IPOs.
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Senegal sold a seven times subscribed $500m 10 year bond this week, at a yield well inside what bankers away from the deal saw as a surprisingly aggressive starting point. But surprise at what Africa sovereigns can achieve is becoming less justifiable as deal after deal attracts a huge orderbook despite slim new issue concessions.
