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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Ecobank Nigeria on Thursday contributed to the barrage of Africa bond mandates, picking leads for a debut subordinated dollar bond. The bank will finish a roadshow on August 1, and the appetite evident in recent African sovereign deals means even a debut sub deal in the middle of summer is by no means off the cards, said bankers away from the bond.
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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.
