Nigeria

An expected return of Brexit volatility means that there are likely to be fewer UK firms doing IPOs in the fourth quarter of the year, but London will continue to host high profile international listings to make up the shortfall.

The £540m IPO of Airtel Africa, the African division of India’s Bharti Airtel, has been priced at 80p, the bottom of the initial range, following a $100m anchor order from an existing investor, according to a source close to the transaction.

Investors are calculating the value of Airtel Africa, the African subsidiary of Indian telecoms conglomerate Bharti Airtel, as it is going ahead with a floatation on the London Stock Exchange (LSE).

Ecobank launched its debut bond on April 11, but less than a week later, the price has shot up by between four and five points, prompting questions about the bond’s execution.

African equity capital markets deals could bolster emerging market issuance figures this year and provide a post-Brexit boost for London where some firms are tipped to dual-list.

Pessimism hangs over Nigeria's chances of entering the loan market in 2019 as the country battles an economic slowdown, a commodity slump and political uncertainty. But not all loans bankers are so glum about the chances of Africa's most populous nation and biggest oil producer raising debt from international financiers.

Rating: B2/B/B+

Nigeria was on Wednesday able to print the full size of the bond issue approved by its parliament, paying up for the privilege but drawing praise for managing a market that proved too tough for many.

Nigeria is back in capital markets, undeterred by a volatile backdrop that has kept other borrowers from accessing the market.

Two emerging market borrowers have been forced to postpone planned deals this week, with investors demanding better yields to risk their cash in the volatile market.

Nigeria hit screens on Monday afternoon to announce a roadshow for a triple tranche dollar bond, confirming rumours of a planned capital markets return that began circulating last week.

Nigeria is rumoured to be planning the sale of a dollar bond, returning to the market for the first time since February.