Global Trade Review (GTR)’s Post

RMB facilitates mega Navachab transaction RMB - Rand Merchant Bank has been appointed by QKR Navachab as the initial mandated lead arranger, underwriter and coordinator of a syndicated loan from Namibian and South African banks.  The loan, providing bespoke term funding worth US$155 million or nearly N$3 billion at current exchange rates, is earmarked for the mine’s recently announced expansion programme. “This deal stands out as one of the largest resources transactions structured and executed by a Namibian financial institution. It underscores RMB’s ability to deliver complex, market-leading solutions, bringing together stakeholders from across the financial ecosystem,” says Jason Shikalepo (photo), head of investment banking at RMB in Namibia. “By participating in such opportunities, RMB demonstrates its commitment to developing Namibia's capital markets and fostering shared prosperity for our clients and the communities in which they operate,” Shikalepo adds. The multifaceted solution is crucial for the critical ramp-up of the mining and processing activities, RMB said in a statement. “This expansion will significantly scale up the mine’s gold output, making a substantial contribution to Namibia’s economic sustainability. In addition to the funding, RMB and the banking syndicate will provide risk management solutions to optimise the mine’s exposure to commodity prices, currency and major operating expenses,” the statement read. RMB enabling Namibia’s second-largest gold mine reflects its commitment to enhancing the economic sustainability of Karibib. By extending the mine’s lifespan, this initiative will secure jobs and provide a lifeline for numerous small- and medium-scale enterprises operating in the region, according to RMB. #namibia #mining #structuredloan #financing #loan #rmb #gold

Afreximbank has announced an additional disbursement of US$925 million under the syndicated US$3.3 billion crude oil-backed prepayment facility sponsored by NNPC Limited! This boosts the total funded facility size to US$3.175 billion. Coordinated by Afreximbank, this accordion arrangement raised US$925 million from a consortium of lenders, including Oando Group and Sahara Energy Resource Limited. As the Mandated Lead Arranger and more, Afreximbank is playing a crucial role in supporting Nigeria’s macroeconomic stability, industrialization, and trade development. Commenting on the disbursement, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, said: “The milestone achieved thus far, on this facility, demonstrates the Bank’s capabilities in performing its role as a crucial development partner for Africa.” Read more: https://lnkd.in/eBMeDf3W #Afreximbank #NNPC

#SaudiArabia emerged as the top issuer in the #GCC bond market during the first half of 2024, raising $37 billion through 44 issuances, according to recent data. The Markaz GCC Bonds and Sukuk Market Report indicated that this figure marks a 12.5 percent increase from the same period last year, representing 49 percent of the total new supply of GCC bonds and sukuk. https://arab.news/van84

Primary markets were busy with several new deals getting priced, including Saudi Arabia, EXIM India, Mexico, BNP Paribas, SocGen, EDF, NAB and others. Besides, new deals were launched today including StanChart, Credit Agricole, Dai-Ichi, Fosun's tap.... Click on the post to view the list of priced deals and newly launched issuances https://lnkd.in/gVNy38Qa #bonds #bondmarkets #newissuance #primarymarkets #debtmarkets #debt #investing #fixedincome

MSX lists new bonds and sukuk worth RO 362.400 million MUSCAT: In the first half of this year, the Muscat Stock Exchange (MSX) saw the listing of new bonds and sukuk worth RO 362.400 million, issued by the Central Bank of Oman, local banks, and various public joint-stock companies. The MSX aims to stimulate trading activity by diversifying its investment instruments, encouraging both corporate and individual investors to expand their investment portfolios. Currently, the exchange lists 36 bond issues, including 16 government development bonds, and 13 sukuk issues, of which 6 are sovereign sukuk. Read more: https://lnkd.in/dBjHDK2G Muscat Stock Exchange S.A.O.C @fsa_oman Central Bank of Oman #MSX #Muscat #Stock #Sukuk #Exchange #Bonds #InvestmentPortfolio #Investment #Investor #Oman #OmanBiz

Afreximbank Disburses $925 Million To Nigeria's NNPCL In A Crude Oil-Backed Loan Deal. African Export-Import Bank (Afreximbank) has announced the disbursement of $925 million as part of the $3.3 billion crude oil-backed loan agreement it entered into with the NNPC Limited last year. The payment was raised from crude oil off-takers like Oando Plc and Sahara Energy, among others. According to a statement on the bank’s website, the current disbursement brings the total payment for the facility to $3.175 billion. The bank had earlier disbursed around $2.15 billion to the federal government in December. Last year, the National Economic Council (NEC) stated its confidence in the loan, helping to stabilise the forex market in light of the severe volatility. However, this has not been the case. The NNPCL addressed the controversy surrounding the deal known as Project Gazelle, stating that such initiatives are standard and offer a temporary fix to forex liquidity challenges. The NNPCL opted for a repayment benchmark of $65 per barrel of oil, safeguarding the repayment scheme from the volatility of the global oil market. Approximately 90 thousand barrels have been designated to mitigate any adverse impact on future oil revenue in the country.

The GCC fixed income market grew significantly in H1, an indicator of the market's continued resilience and appeal to investors. Issuing trends were largely predictable with Saudi-based issuers leading the pack, followed by the UAE and Qatar. Also conventional issuances surpassed sukuks, showing a preference for traditional bonds. While sovereign entities issued the most, it's worth noting that primary issuances by corporates amounted to $34 billion during the half constituting 45% of the total value of GCC primary issuances and marking a growth of 8% compared to H1 2023-a clear sign of a sustainably growing private sector with investment-grade debt capacity. #GCC #sukuk #bonds #fixedincome

Egypt got the second tranche of funds from the Ras El Hekma agreement: The Abu Dhabi wealth fund ADQ has delivered the second tranche of the USD 35 bn Ras El Hekma agreement on Sunday, a senior government source confirme. The tranche consists of USD 14 bn fresh inflows and USD 6 bn in the form of a previous UAE deposit at the Central Bank of Egypt (CBE). More or less according to plan: We were expecting the funds to land in the state’s coffers between late April and early May. We received the first USD 15 bn tranche of the payment late February, split between USD 10 bn in fresh inflows and USD 5 bn in the form of a previous UAE deposit at the CBE. The game plan for the funds: Some USD 11 bn of Egypt’s external debt is expected to be written off using funds from the Ras El Hekma agreement. Egypt’s foreign debt hit USD 168 bn during the first half of the current fiscal year, rising USD 3.3 bn compared to the USD 164.7 bn recorded at the end of fiscal year 2022-2023. Backlogs are also a priority: The CBE is expected to pour USD 6 bn of the Ras El Hekma proceeds into the banking sector, providing sufficient hard cash in the system for banks to help clear arrears and start opening up their FX allocations outside of those importing essential goods.

While the Qatari government is expected to remain on its deleveraging path, Fady Gendy, CFA, Senior Fixed Income Portfolio Manager at Arqaam Capital, highlights that domestic banks continue to be active in debt capital markets as they seek to lock in favourable borrowing costs and diversify funding sources. So far this year, total issuance rose to USD 5.5 billion from just USD 2 billion for the full 2023 and is mostly in the form of senior unsecured US dollar–denominated bonds & sukuk. Importantly, he expects demand from rating-sensitive foreign investors to remain strong thanks to robust standalone fundamentals and a track record of government support in times of stress.    cc Brinda Darasha Zawya   Read the full article here: https://lnkd.in/dUnRM9K6  #MENA #GCC #Bonds #Sukuk #DebtMarkets #Qatar #EmergingMarkets #FixedIncome #SustainableFinance #GreenBonds #CorporateFinance

𝗚𝗼𝗹𝗱 𝗟𝗼𝗮𝗻𝘀 𝗘𝘅𝗽𝗲𝗰𝘁𝗲𝗱 𝘁𝗼 𝗛𝗶𝘁 𝗥𝘀 𝟭𝟱 𝗧𝗿𝗶𝗹𝗹𝗶𝗼𝗻 𝗯𝘆 𝟮𝟬𝟮𝟳, 𝗕𝗮𝗻𝗸𝘀 𝗟𝗲𝗮𝗱 𝘄𝗶𝘁𝗵 𝗔𝗴𝗿𝗶𝗰𝘂𝗹𝘁𝘂𝗿𝗲 𝗟𝗼𝗮𝗻𝘀 Gold loans from banks and NBFCs are set to surpass Rs 10 trillion in 2024, projected to grow to Rs 15 trillion by March 2027, according to ICRA. Banks dominate the market, driven by agriculture loans secured by gold, with a 26% CAGR over FY2020-FY2024, while NBFCs lead in retail gold loans, growing at 17-19% annually. Rising gold prices and low credit risks support continued growth. #finance #news #GoldLoans #NBFC #Banking Source:- https://lnkd.in/gA5Kh4-7