Africa

20 Apr 2017   Deals, Africa, Deal Case Studies

CASE STUDY: BOAD Makes Largest Bond Debut of Any West African DFI

The Banque Ouest Africain de Développement (BOAD) priced an upsized US$750mn 5-year trade to make one of the largest capital markets debuts for any West African development financial institution, paving a path for other issuers in the region.

CASE STUDY: Yinson Debuts Largest Murabaha FPSO Financing in Africa to Date

Yinson Holdings Bhd’s wholly-owned subsidiary, Yinson Production (West Africa) Pte Ltd successfully converted conventional debt into a sharia-compliant format through the company’s maiden Islamic transaction, the proceeds of which were used to finance the conversion of existing facilities into a floating production, storage and offloading unit (FPSO).

Nigeria: A Struggling Economy Embraces Reform - Part II

Over the past year Nigeria's economy, hit by rising inflation, low FX reserves and deflated oil price, shrank by about 1.6%. But with a better market outlook on the horizon, as evident from the recent success of a US$1bn Eurobond, the Bonds & Loans Nigeria Special Report looks into what 2017 may bring.

Top Dealmaker: Andreas Scheer, Commerzbank AG

Commerzbank AG's Head of Loan Capital Markets, Financial Institutions speaks to Bonds & Loans about the challenges banks and FIs had to navigate in the past year, Afreximbank's success story and the outlook for the sector in 2017.

The Cape Town Shuffle: Rand Plummets as Zuma Sacks Chief Treasurer

The sacking of South Africa’s finance minister and his cabinet prompted another all-too-familiar slide in the rand and bond prices. As his successor takes office, the markets are tentatively awaiting signs about the direction of economic policy.

Nigeria: A Struggling Economy Embraces Reform - Part I

Over the past year Nigeria's economy, hit by rising inflation, low FX reserves and deflated oil price, shrank by about 1.6%. But with a better market outlook on the horizon, as evident from the recent success of a US$1bn Eurobond, the Bonds & Loans Nigeria Special Report looks into what 2017 may bring.

CASE STUDY: Cameroon’s XAF165bn Bond Paves the Way for Fresh Project Investment

Cameroon, a leading economy in the Central African Economic and Monetary Community (CEMAC), successfully issued a XAF165mn bond in the local markets in October 2016, a deal that saw aggressive pricing attract strong regional liquidity.

CASE STUDY: MTN Comes Back from Downgrade to Price at Tight End on US$1bn Bond

African telecoms giant MTN Group overcame bearish sentiment precipitated by last September’s Nigerian sovereign downgrade, along with that of its Nigerian subsidiary, to successfully price a US$1bn dual-tranche bond at the tight end of guidance.

Top Dealmaker: Kobby Bentsi-Enchill, Stanbic IBTC Capital

Kobby Bentsi-Enchill, Executive Director and Head of Debt Capital Markets at Stanbic IBTC Capital speaks with Bonds & Loans about how his clients are managing in a challenging market environment, and what needs to happen in order for the 2017 outlook to improve.

CASE STUDY: Nedbank Pioneers AT1 Instruments in South Africa

Nedbank successfully priced South Africa’s first Tier 1 capital Basel III-compliant securities in 2016, setting the stage for future issuances ahead of the regulatory framework’s introduction in the country over the next year.

 

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