South Africa

European equity capital markets remain muted ahead of what many participants expect to be an extremely busy autumn window. Yet in London, there is one live deal of substantial size progressing steadily towards completion.

The usage of renminbi in Africa has long been talked up given China’s status as the continent’s largest trading partner. Developments over the past couple of years have been slow, however, though there are now signs of activity with several African nations visiting Hong Kong in November to learn more about RMB reserves management.

Ascendis Health, the South African manufacturer of diet supplements, garden pesticides and medical equipment, has raised R1.2bn ($83m) through an oversubscribed rights issue that will enable it to complete two European acquisitions.

South Africa's Steinhoff is lining up $3.8bn in loans to buy bedding retailer Mattress Firm. The acquisition will give the retailer a foothold in the US consumer market.

Ethos Capital, a permanent capital vehicle belonging to Ethos Private Equity, one of the largest private equity companies in sub-Saharan Africa, had a bumpy ride on its first day of trading on the Johannesburg stock exchange.

MTN, the South African telecoms group, is syndicating a $1bn new money loan that could involve non-relationship lenders.

Ethos Private Equity, the largest private equity firm in sub-Saharan Africa, has announced plans to raise up to R1.8bn ($123m) by listing a permanent capital vehicle in an IPO on the Johannesburg Stock Exchange.

Lenders are still keen to underwrite sterling loans after the UK’s Brexit vote — as shown in Steinhoff’s £452m deal — said one head of Emea loan syndicate.

South Africa's Steinhoff has agreed to buy UK discount retailer Poundland in a £597m deal, with Crédit Agricole one of two banks underwriting the loan financing. The French bank also benefited from Steinhoff’s thwarted bid for Darty earlier this year, when it co-underwrote a facility for rival bidder Fnac.

Ascendis Health, the South African maker of diet supplements, garden pesticides and medical equipment, has announced the final terms of its fully underwritten R1.2bn ($83m) rights issue.

South African state-owned electricity firm Eskom has signed $1.34bn of loans, arranged by African Development Bank. The financing includes what four bankers said was the largest ever ‘B’ loan tranche.

African Bank is gathering responses this week for a two tier buy-back of its outstanding dollar and Swiss franc debt in a bid to reduce its interest expense. The bank was bailed out by the Reserve Bank of South Afica in April.