Nigeria

First City Monument Bank (FCMB) has signed a $77m one year loan, the first international syndicated loan this year for a borrower in Nigeria, which has been struggling with a low oil price and political instability.

First City Monument Bank (FCMB) has signed a $77m one year loan, the first international syndicated loan this year for a borrower in Nigeria, which has been struggling with a low oil price and political instability.

First City Monument Bank (FCMB) has signed its $77m loan, the first international syndicated loan this year for a borrower in Nigeria, which has been struggling with a low oil price and political instability.

As Ecobank syndicates one of the first Nigerian loans of the year, new lenders are joining the syndicate from Africa and, more surprisingly, the Middle East.

First City Monument Bank will close the first Nigerian bank loan of the year, a $75m later today (Wednesday), according to a banker close to the deal.

Nigeria’s First City Monument Bank (FCMB) will close a $75m loan this week, in a deal that cuts FCMB’s dollar syndicated loans from $150m to $75m.

Nigerian loans have given an underwhelming performance this year, but deals from Ecobank, FCMB, Skye Bank and Stanbic IBTC will test the mettle of the market.

Nigerian banks FCMB and Ecobank are in the market to refinance syndicated loans, although Ecobank comes behind schedule as its loan is about to mature.

Standard Bank is planning a loan for Stanbic Nigeria, its third loan for a subsidiary following deals it completed for Stanbic Kenya and Stanbic Zambia in recent weeks.

Renaissance Capital has appointed Temi Popoola as its CEO for Nigeria.

A week of equity market madness has left many Middle East and African bonds anywhere from 20bp to over 100bp wider since Monday, and dashed hopes of a rousing restart to CEEMEA supply come September. But for the Middle East, at least, debt bankers are looking forward to a bumper 2016.

With oil less than half the price it was last year, African borrowers are being driven into the loan market for funding. Angolan oil company Sonangol is the prime example, according to one of the firm’s relationship banks, and more are close behind. Elly Whittaker reports.