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Investor appetite for African risk seems to have found its upper limit as even the EM bulls would not stretch to buying Ghanaian sovereign risk at the asking price on Thursday, writes Virginia Furness.

Republic of Ghana postponed its dollar bond issuance on Thursday after pricing moved against the issuer. It will proceed with a $100m buy-back of its 2017s but there is confusion about the outcome of a parliamentary vote on Tuesday.

Georgian holding company BGEO Group bought back some $300m of its outstanding bonds on Wednesday. The buy-back came as part of a combined tender and new issue, which was anchored by the International Finance Corporation.

Egypt published a request for proposals for a new dollar bond on Wednesday as it works towards an agreement with the International Monetary Fund.

Republic of Ghana is still expected to open books on a five year amortising note this week, though no exact timing has been given, a lead banker said on Wednesday.

CEEMEA is focused on one issuer this week, Ghana, as Latin America borrowers ignore the summer break.

GlobalCapital is pleased to announce the preliminary shortlist of nominees for its Global Derivatives Awards 2016. Nominations are based upon market feedback and research conducted in recent months. Winners will be unveiled at a gala dinner in London in September.

Moody's joined Fitch late on Monday in downgrading the Republic of Congo, which defaulted on a principal and coupon payment on its only international bond last week.

Ghana is on the road this week for its first standalone bond since 2014. The government will use the new issue to buy back its $500m 2017s as part of its push towards "smart" debt management. In a market where yield is king, bankers expect the deal to go well, despite concerns about the country's widening budget deficit.

Emerging markets are experiencing a manic renaissance with yield hunting investors pouring $4bn into debt funds last week. EM market participants say they’ve seen this cycle before and shrug off concerns of a reversal.

Far Eastern Shipping Company (Fesco) is looking to impose a near 40% haircut on holders of its local and international bonds.

State-owned Bulgarian Energy Holding offered a handsome pick-up over Bulgaria’s sovereign curve at final guidance stage on Tuesday.