South Africa
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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. -
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.
