South Africa
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South Africa is experiencing a difficult week in credit markets, with credit default swaps that reference its debt hitting their widest point for two years. -
There aren’t many corporate insolvencies that would make a good movie. But any scriptwriters out there wanting to emulate the success of the Enron film should read our coverage of Afren this week.
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Ukraine’s sovereign debt restructuring, Argentinian primary elections and a potential Turkish coalition government are keeping debt bankers alert while the primary bond market takes its summer break.
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Oceana Group, a South African fishing company incorporated nearly a century ago and listed in Johannesburg, intends to raise R1.2bn ($94m) through a rights issue.
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Renminbi usage in South Africa has soared, according to data published this week by Swift. But although the country is still the only official offshore RMB hub in Africa, others are increasingly coming into the focus of Chinese regulators' internationalisation agenda. Kenya could soon see its first RMB clearing services, GlobalRMB understands.
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The Republic of Zambia and Georgian firm Rustavi Azot kicked off roadshows this week, providing hope that a reopening of the CEEMEA sovereign and corporate markets — courtesy of Kazakhstan and Naspers — maintains momentum.
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CEEMEA borrowers pounced on a clear window this week and paid for it with premiums as high as 50bp. But while everyone talks about the size of the concessions, it’s worth noting that issuers showed the maturity to accept them.
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African Export-Import Bank has named the banking group Afreximbank for its completed syndication of a $458m and €406m dual tranche term loan, its largest ever.
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The Austrian subsidiary of Steinhoff International, the South African furniture retailer, has issued an inaugural Schuldschein for €650m, the second largest of the year.
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The People’s Bank of China (PBoC) and the South African Reserve Bank (SARB) have signed a Memorandum of Understanding (MoU) for the clearing and settlement of renminbi in South Africa, the two central banks announced on July 7. The move makes South Africa the first offshore RMB hub in Africa.
