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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 Republic of Senegal starts investor meetings next week for a Eurobond. Ivory Coast is already on the road for its own deal. Should both issuers pick the same maturity — 10 years is popular with African sovereigns — bankers on the Senegal deal expect the two credits to price close together. Analysts, however, disagree about specific yields, but think Senegal will have to price wider.
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Helios Towers Nigeria sold a debut dollar bond on Tuesday — only the second international corporate bond from that country. The notes offer a useful new benchmark for Nigerian corporates, with at least one follow-on deal expected in the next few weeks. On the financial side First Bank of Nigeria began a roadshow ahead of a tier two subordinated note. But First City Monument Bank postponed a debut bond deal, after failing to see eye to eye with investors on pricing.
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Bank of Cyprus — CityCon — Generali — SAB Miller — Axia — Dufry
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The International Islamic Liquidity Management Corp is set to re-issue $860m of commercial paper style sukuk next week – its seventh issue to date under its short term sukuk programme.
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Nigerian financial First City Monument Bank has postponed its debut bond plans.
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Helios Towers Nigeria sold a debut dollar bond on Tuesday — only the second international corporate bond ever from that country. The notes were trading up a full cash point higher in the secondary market on Wednesday and offer a new benchmark for Nigeria corporates, with at least one follow on deal expected in the next few weeks.