Fortress REIT launches US$61.3m sustainability-linked bonds on JSE to scale-up

SOUTH AFRICA – Hybrid fund Fortress Reit said it had launched sustainability-linked bonds of R900 (US$61.3 million) million aligned to its ongoing strategic environmental, social and governance plan to scale up its renewable energy outputs and deliver more solar energy to the national grid. The Johannesburg Stock Exchange had granted Fortress the listing of a three-year sustainability-linked bond of R495 million (US$33.7 million) and a five-year sustainability-linked note of R405 million (US$27.6 million). It said. “Although the bonds do not have specific use-of-proceed requirements, the funds will assist Fortress with…

Read More

Shelter Afrique to issue US$500m Kenya currency bond

KENYA – Pan African housing development financier Shelter Afrique is set to issue Us$500 million local currency bond in the Kenyan market after returning to profitability in the year ended December 2020. The real estate and housing financier has said the East Africa bond will be listed in Nairobi Securities Exchange (NSE) before the end of the year 2021, with the proceeds being deployed in Rwanda, Uganda, and Tanzania. The firm  issued a similar-sized US$500 million bond in Nigeria in March 2021. This comes after the company recorded a net…

Read More

Kenya seeks lead managers for Eurobonds’ issuance

KENYA – The government of Kenya is looking for lead managers for the issuance of new Eurobonds to raise US$1 billion and 1 billion euros separately, the country’s Treasury has revealed. The East African nation said earlier this month it will not seek to overhaul its debt under a Group of 20 initiative because it fears that would curtail its ability to raise funds from global capital markets. The first issue, whose target date is before the end of this quarter, will raise US$1 billion which could be expanded for…

Read More

Liquid Telecom raises US$840m in bond issue

SOUTH AFRICA – Africa’s leading data, voice and IP provider Liquid Telecom has raised US$840 million in a bond sale to refinance debt and further expansion into Africa. The sale was conducted by joint bookrunners JPMorgan Chase & Co, Standard Chartered and Standard Bank Group, Liquid chief financial officer Kate Hennessy told TechCentral. The amount raised included a US$100-million investment by the International Finance Corp. The offering was 5.5 times oversubscribed, Hennessy said. “The level of interest from high-quality investors has been unprecedented for an African issuer and reflects an…

Read More

Infrastructure fund EAIF to buy US$50m of a bond issue by Liquid Telecom

SOUTH AFRICA – The Emerging Africa Infrastructure Fund (EAIF) has committed to buy up to US$50m of a bond issue by Liquid Telecoms, that is being launched in February 22, 2021. The bond aims to raise US$600m, which will be used to refinance existing debt and for corporate purposes. The issuer will be Liquid Telecommunications Financing, a wholly-owned subsidiary of Liquid Telecoms Holdings. EAIF, acting through its agent Ninety One, along with the International Finance Corporation (IFC) and DEG, have committed to place orders to purchase up to an aggregate…

Read More

West African Development Bank receives support from Global investors for its first bond issue

WEST AFRICA – West African Development Bank (BOAD) has issued its first bond with sustainable development objectives (Sustainability Bonds) and has since received a welcome from Global investors. This issue amounting to €750 million (US$902) with a 12-year maturity, attracted more than 260 investors across the world (40% from the United Kingdom, 40% from Europe, 17% from the United States, 2% from Asia, and 1% from the Middle East), It also includes 75% asset managers and 21% institutional investors (banks, insurance companies and pension funds). The issue was oversubscribed six…

Read More