South Africa

Foschini Group, the South African retailer of clothing, cosmetics and jewellery, has launched the sale of R2bn ($150m) worth of new shares to repay a loan used for an acquisition in Australia.

Steinhoff Europe made its debut in senior euro corporate bond markets on Monday and was the only issuer to offer investors a transaction on the day. The €750m 7.5 year deal followed a European roadshow last week.

Standard Bank has offered banks five different participation levels on its $750m syndicated loan, which it expects to grow to $1.25bn once commitments come in.

Steinhoff Europe, the furniture maker, made its debut in senior euro corporate bond markets on Monday, and was the only issuer to offer investors a transaction on the day. The €800m 7.5 year deal followed a European roadshow last week.

South Africa’s National Treasury is meeting with its nine primary banks on Friday to discuss its 2017 Eurobond issuance, according to its senior analyst Alilali Nelufule.

‘Business as usual’ was the tone this week in emerging markets, after last week’s losses were reversed and mandates began trickling through from across CEEMEA.

South Africa’s National Treasury is meeting with its nine primary banks on Friday to discuss its 2017 Eurobond issuance, according to its senior analyst Alilali Nelufule.

Banque Ouest Africaine de Developpement (BOAD), the West African regional development bank, has made plans for a follow-up trade to its dollar debut last year and South Africa’s Steinhoff has prepared a 7.5 year euro denominated note.

Loan bankers in South Africa are pining for more deals, to curb the compression of margins as the ranks of lenders to the region are swelled by money from the Middle East and Asia.

Bankers were calling the end of the dream run in emerging market bonds on Friday after Liquid Telecom was unable to tighten pricing or meet the $600m size target for its debut note on Thursday.

Naspers returned to the eurobond market after a two year absence on Thursday, releasing initial price thoughts for a new dollar benchmark.

Standard Bank is planning to launch a $750m syndicated loan, and hopes to drum up enough interest to enlarge it to $1.25bn.