Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
The trade, like previous yen issuance, carries a guarantee
ECA-backed deal comes after AFC raises $2bn to fund infrastructure development
Five year bond set to be priced much tighter than the development bank's last senior issue
Investors were eager to tender their bonds despite initial resistance
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African Export-Import Bank launched a $500m five year bond that traded up in the secondary market after being priced on Tuesday. The borrower had to contend with a downgrade from Standard & Poor’s in the run up to the deal, but still managed to price a three times subscribed bond with respectable new issue premium.
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Nigerian oil and gas company Seven Energy has joined the burgeoning family of Africa high yield borrowers, picking banks for a benchmark sized debut dollar deal. An African mining corporation is also eyeing the high yield market, and bankers are expecting a steady procession of corporate deals from the continent throughout the rest of this year.
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Nigerian oil and gas firm Sirius Petroleum launched a capital raise on Wednesday that will help fund a new well if it can find further funding after the deal is completed. -
African Export-Import Bank’s $500m five year bond was trading up in the secondary market on Wednesday. The borrower had to contend with a downgrade from Standard & Poor’s in the run up to the deal, but still managed to price a three times subscribed bond with respectable new issue premium.
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Senegal’s initial price thoughts for a new 10 year benchmark bond on Wednesday surprised bankers away from the deal, who felt the sovereign had started with an over aggressive level. But the lead managers countered there was no push back from investors, and that Senegal’s secondary curve was by no means the sole reference point for pricing.
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African issuers have made sure CEEMEA supply has not suffered in the wake of new US sanctions against Russia. Tunisia, Senegal and Africa Export Import Bank are supporting primary supply, while the continent’s high yield corporate pipeline is growing.
