SODIC announces successful completion of US$21.79m 1st issuance security bond

EGYPT – Sixth of October Development and Investment (SODIC) announced the success of its subsidiary SODIC Securitization in completing the first issue of securitization bonds worth LE 343 million (US$21.79m). The company explained in a statement to the Egyptian Exchange that securitization bonds worth LE 343 million (US$21.79m) are secured by a portfolio of notes worth LE 384 million (US$24.40m), representing the value of the special future instalments of 753 units that were delivered in the Eastown Residences project in East Cairo, and the Caesar project in the North Coast.…

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IFC invests in bond to support access to affordable housing in Tanzania

TANZANIA – To help increase access to longer-term, affordable mortgages and housing in Tanzania, the International Finance Corporation (IFC), has subscribed to a corporate bond issued by the Tanzania Mortgage Refinance Company (TMRC) as a strategy to make longer-term, affordable mortgages and housing accessible in Tanzania. TMRC was listed on the Dar es Salaam Stock Exchange on July 15th. The TMRC bond will support access to mortgages, helping Tanzanians more easily purchase homes in a country where access to longer-term financing has traditionally been constrained. The listing follows approval granted…

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Dangote Cement successfully completes US$729m unsecured bond

NIGERIA – Dangote Cement Plc, Africa’s largest cement producer, has announced the successful issuance of 50 billion Series 1 Fixed Rate Senior Unsecured Bonds under its new N300 billion (US$729m) Multi-Instrument Issuance Programme. The bonds were issued on May 26, 2021, at coupon rates of 11.25%, 12.50% and 13.50% for the 3, 5 and 7-year tranches respectively. Despite market headwinds, the bond issuance was well received and recorded participation from a wide range of investors including domestic pension funds, asset managers, insurance companies and high net-worth investors. The proceeds of…

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Kenya raises US$1b in oversubscribed Eurobond sale

KENYA – The government of Kenya raised US$1 billion in its first Eurobond sale in two years as the East African nation balances between the need to fund its economic recovery and lower its debt burden. The 12-year bonds, priced to yield 6.3%, received more than US$5.4 billion in orders following a three-day virtual roadshow, the National Treasury said in a statement. “The oversubscription was a sign of strong global investor confidence on Kenya’s economy and medium-term economic prospects,” Treasury Secretary Ukur Yatani said in the statement. The government forecasts economic…

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Maritime company C&I Leasing completes issuance of second tranche for its bond programme

NIGERIA – C&I Leasing, a Nigerian public limited maritime company, has completed the issuance of the second tranche of its N20 billion (US$48.45m) bond programme which it started in 2017. The company, which is Nigeria’s only listed leasing company also said it is optimistic that a new business model which it adopted, would help in driving revenue growth and further improve the profitability of its business from 2021 and beyond. According to a statement, at 100 per cent subscription rate, the long-dated instrument was a N10 billion bond (US$24.22m), issued…

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AfDB makes its return to Australian dollar bond market with launch of US$463.9m 5yr bond

AFRICA – The African Development Bank (AfDB) has launched a A$600 million (US$463.9 million) 5.5-year Kangaroo bond, marking its return to the Australian dollar bond market. The transaction was led by Nomura and RBC Capital Markets. It is the institution’s first benchmark Kangaroo since early 2018 and it is first in the mid-curve since 2015. It is also the largest AUD trade ever issued by the Bank. More than 30 investors participated in the deal, with a total order book of more than A$775 million (US$598.47m), leading to an upsize…

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NGX admits Nova Merchant Bank N10 billion bond which is due in 2027

NIGERIA – The Nigerian Exchange Group (NGX), has announced the listing of Nova Merchant Bank Plc’s N10billion (US$24.32m) Bond. The bond listed is the NOVAMBL Investments SPV N10billion Series I, 7-year 12percent subordinate unsecured fixed rate bond due 2027 under the company’s N50billion Bond Issuance Programme. “We are delighted to commemorate the listing of Nova Merchant Bank’s debut listing of its N10Bn Bond which was oversubscribed by 300%. The success of the Bond is an indication of the level of investor confidence in the company’s reputation, brand and corporate performance,”…

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BUA Cement lists US$281m 7-Year unsecured bond on Nigerian Exchange

BUA to establish mega cement manufacturing complex in Nigeria

NIGERIA – BUA Cement Plc, a manufacturer of construction materials, has listed its N115billion (US$281m) 7-Year Series 1 Fixed Rate Senior Unsecured Bond on Nigerian Exchange, making it the first listing in the NGX era. The listing was commemorated with a digital Closing Gong Ceremony featuring the Chief Executive Officer (CEO), BUA Cement Plc, Engr. Yusuf Haliru Binji. NGX has reiterated its commitment to providing issuers with a platform that allows them to continue to raise capital even in the toughest of times whilst also facilitating secondary market trading activities.…

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Seplat Petroleum issues US$650m 5-year oil and gas bond, the largest in Nigeria

NIGERIA – Seplat Petroleum Development Company Plc, a leading Nigerian independent energy Company listed on both the Nigerian Stock Exchange (NSE) and the London Stock Exchange (LSE), has priced its offering of US$650 million in aggregate principal amount of senior notes due 2026. It is said to be the largest ever Nigerian oil and gas bond issuance. The Notes priced at a yield of 7.75%, representing a significant pricing reduction from its US$350 million debut issuance in 2018, which priced at a yield of 9.50% , with a coupon of…

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Ecobank Nigeria issues US$300m bond with a tenor of five years

NIGERIA – Ecobank Nigeria, a wholly owned subsidiary of Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has successfully priced its US$300 million bond issuance maturing in February 2026, with settlement of the bond to take place on February 16, 2021. The fixed-rate, US dollar-denominated bond, with a tenor of five years, carries a coupon rate of 7.125% and will be listed on the London Stock Exchange. It is accompanied by an Issuer Rating of B- from Fitch Rating Agency and S&P. The coupon / yield represents the…

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