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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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The Islamic Development Bank (IsDB) has signed a set of loan agreements worth $747m to fund development projects in several member countries and to Muslim communities in non-member countries. -
Angola's state run oil firm Sonangol is due to sign its $2.5bn five year loan this week.
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Three Egyptian banks are set to complete Egypt’s largest Shariah-compliant financing facility to the Egyptian Steel Company for E£1.7bn ($243m).
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HSBC has promoted Mustafa Aziz Ata to the newly created position head of debt capital markets for the Middle East and North Africa.
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After months of unprecedented local currency bond fund inflows courtesy of international investors, that market is now under pressure amid rising US Treasury rates and a sudden aversion to EM risk. These markets will not be dampened by foreign fiscal policy forever though, and when rates settle and stability returns some sovereigns will be far better placed to draw cautious buyers back into their local markets.
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South African gold miner Anglogold Ashanti has negotiated a relaxation of terms for the debt to Ebitda covenant on its revolving credit facilities, as the firm deals with a depressed gold price that could lead to writedowns of up to $2.6bn.
