South Africa

South Africa is back in capital markets for the first time in over a year and the first time since its ratings were placed on negative outlook by Fitch.

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Rand Merchant Bank International Mauritius (RMBIM) has secured a $400m syndicated loan from international lenders, months after a transfer of dollar debt from FirstRand Bank. The deal marks the latest in a series of loans raised by South African banks this year.

Omnia Holdings, the South African chemicals company, has fixed the terms for its R2bn ($136m) rights issue to reduce debt, after securing underwriting from its top shareholders.

In an otherwise barren summer week for equity block trades in Europe, UBS led the sale on Thursday night of R1.4bn ($95.4m) of stock in Mondi, the Anglo-South African paper and packaging company, on behalf of a group of shareholders left out of a recent reorganisation of Mondi’s listing.

BNP Paribas hires UK advisory head — Créd Ag’s credit unit chief moves to markets role — AIIB hires ICBC loan syndicator.

Fitch downgraded its credit outlook of deeply-troubled South Africa on Friday, but loan bankers, both in and outside the country, are confident that a lack of primary EM supply and an established banking sector will keep margins tight and lenders attracted. At least for now.

Impala Platinum Holdings, the South African platinum mining company this week completed a tender offer to convert its 2.25% June 2022 $250m convertible bonds into stock, with a high near full acceptance rate from bond holders.

Harmony Gold, a South African gold mining company, is in the market to raise $400m to refinance existing debt. The deal is being led by domestic lenders Absa Bank and Nedbank, according to bankers.

Impala Platinum Holdings, the South African platinum mining company, has launched a tender offer to convert its outstanding 3.25% $250m June 2022 convertible bonds into equity, after a massive rally in its share price over the last year.

The loan, which marks Absa's return to the syndicated loans market after a decade, demonstrates healthy demand for the South African bank, despite the question marks surrounding credit risk in the country.

South Africa’s Absa Bank is expected to close its loan syndication by the end of this week, as an abundance of liquidity in the loan market, as well as healthy investor appetite for bank debt, causes pricing compression.