Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
The country is unlikely to issue new dollar bonds in the near future despite a big rally in yields
Underwriting left unused after deal is 33% oversubscribed
Simbah Mutasa and Sjoerd Van Hooijdonk step up from regional leadership roles
New government is seeking an IMF deal, which will likely require a debt rework
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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.
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Ecobank Nigeria on Thursday contributed to the barrage of Africa bond mandates, picking leads for a debut subordinated dollar bond. The bank finishes a roadshow on August 1, and the appetite evident in recent Africa sovereign deals means a debut sub deal in the middle of summer is by no means off the cards, said bankers away from the bond.
