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South African Airways in Talks With Banks as Deadline Looms

JOHANNESBURG (Capital Markets in Africa) – South African Airways is in talks with lenders about reviewing the terms of 9 billion-rand ($692 million) worth of loans due at the end of the month, and may have to tap government debt guarantees that are keeping the state-owned airline in operation. One bank has told SAA that it wants to be repaid by the end-June deadline, the Johannesburg-based carrier said Monday, without giving further details. Standard Chartered Plc refused…

Mozambique Misses Latest Loan Payment as Restructuring Stalls

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MAPUTO (Capital Markets in Africa) – A state-run company in Mozambique skipped $134 million in payments on a government-guaranteed loan, the third time this year the southern African nation failed to meet its obligations as a standoff with creditors blocks debt restructuring talks. Mozambique Asset Management, one of three state-owned companies that took out undisclosed loans worth about $2 billion, failed to make the payment due May 23, Rogerio Nkomo, a spokesman for the Finance Ministry,…

Kenya says has drawn down $800 mln syndicated loan

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NAIROBI (Capital Markets in Africa) – Kenya has signed an $800 million syndicated loan with four international lenders and the government has already drawn down the sum, a senior Treasury official said on Monday President Uhuru Kenyatta, who faces re-election in August, has raised borrowing since taking power in April 2013. Last week, he dismissed criticism of the higher borrowing, saying it was funding development in the East African nation. In January, the Nairobi government…

Record Egypt-Tied Note Issuance Highlights IMF Loan Cheer

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CAIRO (Capital Markets in Africa) – Investors are rushing back to structured notes tied to Egypt following a currency float and an International Monetary Fund loan last quarter, six years after a revolution that had scared them off. Citigroup Inc. issued all four of the recorded credit-linked notes this month raising a total of 2.3 billion Egyptian pounds ($121 million), the most for a single month on record, according to data compiled by Bloomberg. The biggest was…

Egypt’s Banque Misr seeks central bank-guaranteed syndicated loan

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biggest lenders by assets, is raising a five-year syndicated loan guaranteed by the country’s central bank, sources close to the situation said. The bank has mandated ADIB Capital and Credit Suisse to arrange the transaction, which was launched to syndication in the second half of November. ADIB Capital is the investment banking arm of Abu Dhabi Islamic Bank’s Egyptian subsidiary. The loan, an amortising facility, is expected to be about $350 million and offers a…

MTN Gains After Raising $1.3 Billion of Loans Before Bond Sale

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Johannesburg, Capital Markets in Africa: MTN Group Ltd., Africa’s largest mobile-phone operator by sales, climbed for a second day after raising more than $1.3 billion in loans before the potential sale of bonds. The shares jumped 2.2 percent to 121.49 rand as of 12:29 p.m. in Johannesburg on Wednesday for the biggest two-day advance since June 29 and valuing the company at 225 billion rand ($16 billion). MTN is being provided with $1 billion and 4.8 billion rand…

Egypt to Receive First Tranche of $1.5 Billion Saudi Loan ‘Soon’

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CAIRO, Egypt, Capital Markets in Africa: Egypt will “soon” receive the first tranche of a $1.5 billion loan from Saudi Arabia, an Egyptian minister said, a cash injection that could help to ease a dollar shortage that has weighed on economic growth. The first payment will be about $500 million, Egypt’s Minister of International Cooperation Sahar Nasr said. The loan is one of a package of agreements worth $25 billion signed during Saudi King Salman’s visit to Cairo in April, which…