South Africa

South Africa’s Investec Bank expanded the syndicate for its latest loan from 17-20 banks, including two Chinese lenders.

The Brics bank is to finally make its capital markets debut later this month by issuing green bonds in RMB with the proceeds to be channelled into energy and infrastructure projects, sources have told Emerging Markets, a sister publication of GlobalCapital Asia.

South Africa's Investec Bank signed a $635m loan on Friday. The loan is its seventh since the beginning of last year, as it raises funds ahead of potential ratings downgrades.

South Africa raised $1.25bn with its latest SEC registered bond on Thursday, amid a slew of negative headlines and what bankers described as a weak market backdrop.

Strong demand was expected to propel South Africa’s new 10 year note to a successful conclusion, with a 35bp-50bp concession tantalising investors before the US open, despite a political crisis in the country.

South Africa is looking to add another point to its dollar curve and has mandated banks for a 2026 bond amid attempts to impeach its president, Jacob Zuma.

Spar Group, the South African grocery and home improvement wholesaler, raised R2.2bn ($143m) of new capital in a successful accelerated bookbuild on Tuesday night.

Sappi Papier, the Austrian-South African paper manufacturer, sold €350m of secured notes at 4% to refinance its 2021 dollar bond, in a European high yield market that has brought forward its post-Easter pipeline of deals.

The $400m loan for South Africa's Investec Bank will be oversubscribed, despite the bank being put on review for a downgrade, according to a banker on the deal.

Sappi Papier, the Austrian-South African paper manufacturer, is seeking to issue €350m of secured notes to refinance its 2021 dollar bond, in a European high yield market that has brought forward its post-Easter pipeline of deals.

Standard Bank of South Africa launched syndication for its loan with a whopping eight banks leading the deal, including four Chinese firms and HSBC.

Standard Bank Kenya (Stanbic CfC) is paying around 45bp more for its latest loan than when it last issued, less than a year ago.