North Africa
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Egypt’s triple tranche $4bn bond drew a huge book of over $19.5bn on Tuesday in a deal that bankers away from the mandate said was a huge success, underscoring the phenomenal market conditions available to issuers. -
Middle East issuers are expected in the bond market in droves, with Egypt and Mashreqbank leading the charge this week.
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The Arab Republic of Egypt has released initial price guidance for its triple tranche bond at levels that have caught investors’ attention. A large deal is expected.
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Renaissiance Capital has hired a new vice president of financial services research at its branch in Cairo.
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The Middle East and North Africa region will provide a large chunk of emerging market bond supply in 2019, investors said this week. The region provides excellent value, in spite of fluctuations in the oil price.
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Egypt is revamping its capital markets presence, lining up a debut in the green bond market, a first deal in an Asian currency, and dollar and euro benchmarks all by the end of its fiscal year in June.
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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.
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Société Générale has agreed to pay $1.34bn in fines and an enhanced monitoring programme for violating US sanctions against Cuba, Iran, Sudan, Libya, Myanmar and North Korea, according to notices issued by US agencies on Monday.
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Tunisia raised €500m of five year paper on Wednesday with a 144A/Reg S benchmark.
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The Central Bank of Tunisia, on behalf of the sovereign, hit the market on Wednesday morning to print a five year euro benchmark.
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The Republic of Tunisia hit screens on Thursday, announcing a roadshow to promote a euro benchmark — the nation’s first since February 2017.
