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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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Diamond Bank sold a $200m five year bond on Wednesday at the upper end of its price range and lower end of its target size. But the bonds still dropped over two cash points in the secondary market after pricing.
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Diamond Bank has its sights on a five year dollar debut and is aiming to price the bond on Wednesday afternoon. A debt banker away from the deal thought the bank’s starting yield was far too high. But others argued that the post-roadshow starting point was what investors had asked for and that secondary trading would settle the debate.
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Risk weighting, credit ratings and the Dubai government itself have all been cited as contributing factors after the emirate’s sovereign wealth fund cut the size of its conventional bond offering in favour of a shorter dated sukuk. -
First Quantum Minerals priced its $850m bond at the wide end of 7%-7.25% price guidance on Thursday evening, a rare occurrence in the CEEMEA market. But books were over three times oversubscribed and the deal was increased from $650m to $850m.
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Azura Power Holdings has signed $1bn of debt and equity investment to build a flagship 450MW independent power project in Nigeria.
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Emerging markets-focused miner First Quantum has signed an oversubscribed $3bn two and five year loan facility that was increased by $500m when the syndication drew strong demand.
