South Africa
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FirstRand Bank was due to complete a $225m loan this week and bankers predict that more South African banks will come to the market regularly with smaller deals. -
South African media group Naspers has amended and extended a $2.25bn five year loan and increased it to $2.5bn.
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South African media group Naspers has finished amending and extending a $2.25bn five year loan and has added another $250m to the deal size, taking it to $2.5bn.
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South Africa’s Investec Bank is accessing the syndicated loan market for the fifth time this year, and is shaking things up by tapping Asian bank liquidity for a $100m three year borrowing.
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Investec Bank signed its third and fourth syndicated loans of the year last Friday, and held a bank meeting this week for its fifth loan. The bank plans to stick to smaller, more regular loans in a volatile environment for emerging markets.
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The Republic of South Africa starts a non-deal roadshow next week following a recent medium term budget policy statement, but also has a firm mandate outstanding for an international bond deal.
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South Africa’s FirstRand Bank is in the market for its second loan of the year, while fellow South African firms Investec and Naspers are due to close deals soon.
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Naspers, the South African media group, is amending and extending a $2.25bn five year loan led by Barclays and Citi, having issued its largest ever bond for $1.2bn in the summer.
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Investec is looking for two syndicated loans totalling $530m, one for its South African business and the other for its London arm, according to bankers on the deal.
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Brait, the South African private equity firm listed in Luxembourg and Johannesburg, issued a £350m convertible bond on Friday September 11. A banker at one of the leads said the deal, a true credit instrument, was very unusual for a company of this kind.
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Outflows from emerging market portfolios since the August unrest are edging ever closer to the volumes seem during the Taper Tantrum of 2013.
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Mediclinic, the South African healthcare group, achieved strong pick up on its R10bn ($770m) rights issue to fund its takeover of Cinven’s remaining stake in London-listed Spire Healthcare.
