South Africa

Gold Fields Limited, a gold producer with operating mines in Australia, Ghana, Peru and South Africa, is embarking on a roadshow to market a five to 10 year dollar benchmark.

Sibanye-Stillwater, the South African commodities miner, sold a 108.9m share block in the market on Tuesday night to solidify its balance sheet as the company continues to weather a gold workers' strike and prepares for wage talks with unions for its platinum workers.

JPM securitization banker leaves — Goldman Brexiter quits for politics — Balax enrols in fintech course

Steinhoff International continued to dispose of assets this week with a R4.8bn (€293m) sale in KAP Industrial Holdings, the South African industrial company, with the company expected to shed more holding to meet its subsidiaries' funding requirements.

Naspers, the South African technology conglomerate cheered European equity markets this week as it announced it would list its international assets in a new company on the Euronext Amsterdam. The company said that the deal would just be a spin-off transaction but sources close to the situation are not writing off the possibility of an IPO as well.

Investec veteran Glynn Burger is stepping down.

Rothschild & Co has appointed Martin Kingston as executive chairman of its board in South Africa, among other personnel moves in the country.

Some investors are beginning to fear that the rally in emerging markets is running out of rope. Threats to Chinese growth could carry over and damage the prospects of emerging markets economies, according to Jupiter Asset Management.

Nedbank is planning to tap the market for a new loan, the first of an expected parade of South African bank borrowers. While bankers still worry about aspects of lending into the country, including a potential ratings downgrade and political uncertainty, appetite remains strong.

European high yield investors are as eager to buy bonds as their investment grade counterparts — the difference is, while IG issuers have been pouring paper into the market, high yield has been in a drought. But that is at last starting to break.

Sappi, the South African paper company, succeeded in issuing its €450m seven year non-call three year bond on Tuesday at a coupon that will save it money, compared with the bond it is replacing.

High yield bond issuance in Europe is perking up, with several deals being marketed or just about to be launched. Beginning its roadshow on Monday was Sappi, the South African paper company, which wants to issue €450m to replace an older bond; starting on Tuesday is French car parts group Faurecia, seeking €500m.