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The subordinated debt premium was smaller than that offered by some other EM hybrid issuers
At London investor day, supranational reveals deals and plans for new funding and investments, including fully African project financing
The company is the only corporate issuer in North Africa, making it popular for investors
The company should benefit from a rise in fertiliser prices due to the Iran war
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South African pulp and paper company Sappi has tapped the equity-linked market for financing with a new five-year R1.8bn ($120m) convertible bond. -
Zambia has become Africa’s first sovereign to default since the coronavirus started, after it failed to make payments on its Eurobonds. The heavily indebted country now faces a rocky path to debt restructuring, market sources said.
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South African commercial landlord Growthpoint Properties has sold R4.3bn ($275m) of new shares to fund deleveraging, including repaying debt used to finance its acquisition of Capital & Regional at the end of 2019.
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Egypt, which has already entered international debt markets twice this year, is on its way to debuting in the sukuk market following cabinet approval for an Islamic financing bill. The sovereign raised its debut syndicated loan in September that included an Islamic tranche, which bankers said was a fitting prelude to a sukuk.
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Zambia is headed for a default next week, as GlobalCapital understands the bondholder committee responsible for 40% of the sovereign Eurobonds will reject the deferral request in a vote next week.
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Corporate issuance volumes across CEEMEA have dropped this year, while sovereign issuance has sky-rocketed. The decline, said market participants, is testament to the resilience of the corporate sector, though a revival in issuance is expected in 2021.
