African Eurobond |

Fitch Rates Nigeria’s U.S.$3 Billion Eurobond ‘B+’

LAGOS (Capital Markets in Africa) — One of the leading rating agencies, Fitch Ratings has assigned Nigeria’s $1.5 billion 6.500% senior unsecured notes due 28 November 2027 and the $1.5 billion 7.625% senior unsecured notes due 28 November 2047 a final rating of ‘B+’. According to a statement yesterday, the final rating replaced the expected rating of ‘B+ (EXP)’ that Fitch had assigned to the issue on November 15, 2017. It explained that the expected…

Kenya Is Said to Seek Proposals for $2 Billion Eurobond Sale

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya’s government is seeking proposals from banks about a possible $2 billion Eurobond offering in the first quarter of 2018, according to two people familiar with the matter. The East African nation’s Treasury asked banks for pitches on how to structure the sale, said the people, who asked not to be identified because they aren’t authorized to speak publicly about the matter. The deadline for proposals is Nov. 29,…

Nigeria Sells $3 Billion of Eurobonds in Its Biggest Offer Yet

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LAGOS (Capital Markets in Africa) – Nigeria raised $3 billion in a two-part international bond sale as it seeks to fund a fiscal deficit and reduce its local-currency debt burden. The West African nation split the offering equally between 10- and 30-year tranches. The yield was 6.5 percent for the shorter notes and 7.625 percent for the 30-year portion, down 25 basis points on each tranche from the initial guidance. The offering, its biggest Eurobond…

Nigeria Aims to Issue $2.5b of Eurobonds on Monday

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LAGOS (Capital Markets in Africa) – Nigeria plans to issue a Eurobond of at least $2.5 billion on Monday, says Kevin Daly, a money manager at Standard Life Aberdeen, who attended an investor meeting with officials from the nation in London Thursday. Nigerian delegation included Finance Minister Kemi Adeosun, central bank Governor Godwin Emefiele, head of the Debt Management Office, Patience Oniha, and Ben Akabueze, head of the budget office. Nigeria may increase the size…

Nigeria to Meet New York Investors to Sell Longest-Dated Bonds

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LAGOS (Capital Markets in Africa) – Nigeria is set to meet global debt investors this week as it looks to sell its longest-maturity Eurobond yet. The government mandated Citigroup Inc. and Standard Chartered Plc to arrange a 10- and 30-year transaction, according to a person familiar with the matter, who isn’t authorized to speak publicly. Nigerian officials will hold conference calls today, before meeting investors in London on Thursday and in New York on Friday,…

Swaziland Could Be Next to Sell a Eurobond

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SWAZILAND (Capital Markets in Africa) – Another African country is considering selling dollar debt — but its international debt market debut may be hindered by its economy is too small. Swaziland is debating whether to issue a Eurobond and should decide by January or February, Bheki Bhembe, principal secretary at the Finance Ministry, said by phone Tuesday. The problem is that the country would probably need to raise a minimum of $500 million if it were…

Nigerian Bank Just Sold Most Expensive Emerging-Market Bond

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LAGOS (Capital Markets in Africa) – Nigeria’s Fidelity Bank Plc sold the highest-yielding Eurobond from emerging markets this year, joining a rush for issuance before higher U.S. interest rates push up borrowing costs. The mid-sized Lagos-based lender issued $400 million of five-year securities with a 10.75 percent yield on Wednesday, according to a person familiar with the matter who asked not to be identified. The deal initially had guidance of about 11 percent, said the person. Fidelity is the…

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