Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Even if ceasefire succeeds, investors will still want a risk premium
Demand allowed the bank to cut the yield by 35bp
The country offers huge potential and possible pitfalls for investors
A piece of very rare African senior bank issuance could also come this week
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It has hit more than a few bumps along the way but the International Islamic Liquidity Management Corp’s plans to issue sukuk commercial paper — the first of its kind in the Islamic market — finally look to be coming good. The company said on Thursday that it will issue a $490m debut this month, after more than 2-1/2 years of work on the project.
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First Bank of Nigeria priced the first dollar tier two bond from the country in over six years on Wednesday, and analysts are expecting its peers to follow. But the deal achieved only a modest oversubscription and relied on the domestic bid for support. First Bank’s weaker compatriots could find it hard to drum up international interest without offering prohibitive premiums.
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Eskom drew $4bn in orders for its $1bn 10 year bond on Tuesday. Analysts argued the issuer was generous with its pricing, but bookrunners countered it offered the same concession as many other CEEMEA credits and wisely took advantage of a stable window in an uncertain market.
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Banque Centrale de Tunisie, the central bank of Tunisia, priced a 10 year Samurai bond on Wednesday guaranteed by the Japan Bank for International Cooperation. The size fell short and the pricing wide of the issuer’s last Samurai deal, though bankers involved with the trade said the result was positive given the instability in North Africa throughout 2013.
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Angolan state-owned oil firm Sonangol is expected to sign its $2.5bn five year loan by the end of August. Around 20 banks are thought to be considering the facility.
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Several Nigerian financial institutions have rejected the margins offered by international banks for syndicated loans and are holding out for lower pricing.