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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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With the first half of the year completed, regular IFIS league table-topper HSBC has taken a commanding lead in dollar sukuk for share of total issuance value, but Emirates NBD and JP Morgan have surged up the ranks for first ever top five placings, with ENBD on more dollar deals in the period than any other bank. Meanwhile, CIMB has opened a gap in global sukuk arranging after trailing Maybank at this time last year, but the competition looks set to heat up further in the second half. -
British brewer SAB Miller is to dispose of its entire $1.1bn stake in African hotel and gambling chain Tsogo Sun through a fully marketed sale that will be closed later this month.
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Helios Towers Nigeria is set to price a $250m five year non-call three deal on Tuesday afternoon, having received over $600m in orders for its debut dollar bond.
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Ivory Coast has mandated BNP Paribas, Citi and Deutsche Bank to organise a series of fixed income investor meetings in London and the US starting on Wednesday. A 144A/Reg S dollar benchmark may follow, its first since civil war broke out in the country three years ago.
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It is a fine testament to the growing stature of the Islamic finance market that various novel borrowers are pressing ahead with plans to issue international sukuk for the first time — the likes of Hong Kong, Luxembourg and Dogus Group among them. But with so many debut deals revving up to join an autumnal convoy, those that can beat the traffic are advised to do so.
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Investors and analysts are predicting strong demand for Helios Towers Nigeria’s debut dollar deal based on informal price thoughts of an 8% yield that they said sole lead Bank of America Merrill Lynch provided them with. The bookrunner denied that any pricing indications had been communicated to investors.
