South Africa
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Barclays has sold more than half its stake in Barclays Africa, its separately listed South African subsidiary formerly known as Absa Bank, through a huge R37.7bn ($2.9bn) block trade on Wednesday night that was covered in 45 minutes. -
The drought of equity-linked bond issuance in EMEA has suddenly ended this week, with the launch of two deals in three days, by GN Store Nord, the Danish maker of hearing aids and audio devices, and Impala Platinum Holdings, the South African mining company.
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A sell-off of shares in Sibanye Gold, one of the largest South African gold mining companies, entered its second day on Friday after the company unveiled terms for a highly dilutive R13.5bn ($1bn) rights issue on Thursday morning.
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What, on Wednesday, seemed to be primary capital markets gung-ho for any deal imaginable by Thursday looked more like a market on the skids as concerns intensified over the endless controversies dogging US president Donald Trump’s administration.
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South Africa’s Nedbank signed a $450m syndicated loan in an oversubscribed deal on Tuesday, adding to the rising trend of emerging markets borrowers turning to Asian banks for capital.
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Life Healthcare, the South African private hospitals group, has completed its R9bn ($673m) rights issue to reduce its debt after completing its acquisition of Alliance Medical Group in the UK, despite political turmoil during the subscription period.
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Petra Diamonds cut through a rough period for South Africa to print a $650m five year bond this week — but the deal is not evidence that the market is open to all borrowers from the country as Petra outshines the rest, said bankers.
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Petra Diamonds became the first South African issuer to test the markets in the wake of an aggressive cabinet reshuffle that saw the dismissal of respected finance minister Pravin Gordhan last week.
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Even as South Africa and Halkbank prove that idiosyncratic risks are ever present in in emerging market bonds, conditions remain beyond syndicate bankers wildest dreams. That is good news for the bulging pipeline.
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The Treasury of South Africa has taken to Twitter to save its investment grade status. But adopting a Donald Trump approach to global communication, while passing responsibility for its credit rating to its citizens, does nothing to help South Africa’s credibility.
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South Africa’s Treasury has urged the country's citizens to help the government protect its investment grade (IG) status after S&P placed the sovereign on negative watch on Monday.
