Nigeria

A slip-up by Ghana last week has done little to derail investor appetite for African credit and with the low rate environment set to continue, bankers expect no letup in the voracious bid for Africa, which is good news for those sovereigns already lining up trades.

CEEMEA primary markets have finally become a victim of the summer heat but there’s no snoozing on the beach for syndicate bankers. Planning for the second half of the year has already started in earnest.

Nigeria sent out a request for proposals on Monday for a $1bn bond and has asked for responses by September 19.

After a year of muted issuance, two African sovereigns met investors in London this week. While both Angola and Nigeria held non-deal roadshows, investors said the timing was "no coincidence" for the former.

The Central Bank of Nigeria is undertaking a non-deal roadshow in London to meet rates, FX and credit investors.

In this round-up, RMB deposits shrink further in Singapore and Hong Kong, the Stock Connect scheme southbound channel continues to dominate trading, China prepares for direct trading of RMB and Korean won, and Italian enterprises are found to be warming up to the RMB. Plus, a recap of GlobalRMB’s coverage this week.

Brent and WTI oil futures have risen to above $50 for the first time since November and July respectively, amid bullish short term positioning by aggressive managers and supportive supply data this week. But while traders called this a ‘psychological’ level for the commodity, physical markets are still sounding a note of caution.

Rating: Baa2/—/BBB-

Afreximbank printed a bond of superlatives on Tuesday, achieving its biggest ever book and largest trade. But bankers on and off the deal debated whether the African supranational priced the note flat to or inside its curve.

Afreximbank printed a bond of superlatives on Tuesday, achieving its biggest ever book and largest trade. But bankers on and off the deal debated whether the African supranational priced the note flat to or inside its curve.

Afreximbank was offering 25bp-30bp new issue premium at guidance stage for its new five year dollar benchmark note on Tuesday.

Although the deal has taken longer than planned, the $150m loan for Africa Finance Corporation (AFC) will be increased following strong demand from Chinese banks, according to a banker on the deal.