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Africa

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  • Morocco delivered a surprise on Wednesday as its parliament’s lower house suddenly passed the country’s much delayed Islamic banking law – only a week after a senior official told IFIS the bill may not be ready until October.
  • South African financial services group Alexander Forbes is relisting on the Johannesburg Stock Exchange, seven years after it was taken private through a leveraged buyout.
  • The Islamic Development Bank (IsDB) has approved financing facilities for various projects in member and non-member countries worth $447m, as the multilateral organisation celebrates its 40th anniversary.
  • The Republic of Kenya ploughed ahead with a dual tranche debut Eurobond on Monday despite terrorist attacks in coastal Mpeketoni on Sunday and Monday nights. But investors still flocked to place over $8bn in orders, allowing Kenya to price a colossal $2bn for its inaugural offering.
  • Access Bank sold its first tier two bond this week and, in contrast to earlier attempts from Nigerian financials, printed a larger than expected deal that traded up in the secondary market. The deal was a welcome sign of appetite for Nigerian risk, but emphasised that international interest extends only to a select few, said bankers on the deal.
  • Emerging markets power firm Globeleq has signed a $70m loan for its African business - its first syndicated loan, according to Dealogic.