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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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The Africa Finance Corporation, the pan-African development finance institution (DFI), has mandated a pair of banks to lead its first ever green bond issue, which it will sell publicly into the Swiss franc market. -
There is growing concern among African policymakers that indebted low income countries face growing risks of downgrades and even default because of a lack of coordinated support from public and private institutions.
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The coronavirus pandemic has ramped up African sovereigns’ need to spend, resulting in a wave of credit rating downgrades. But market participants are split over the perception of credit risk in the region and how that will affect future issuance.
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The Arab Republic of Egypt — a frequent bond issuer — has signed its first syndicated loan. Egypt’s debut in the market, bankers said, is an attempt to diversify its funding to support an expanding state budget, just months after its debut green bond was delayed due to Covid-19. Mariam Meskin reports.
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The Arab Republic of Egypt has secured its debut syndicated conventional and Islamic facility from a range of local and international lenders as it attempts to support the state budget, which has come under major pressure during the coronavirus crisis.
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Political interference in central bank business is rarely a smart move, especially for emerging market countries trying to win the respect of international markets. But it’s an even more reckless endeavour in the midst of a global crisis, especially for a debt-ridden country like Zambia.
