Global food and agri-business Olam International Limited (“Olam”) announced that, on the back of additional investor demand, it has priced a S$100 million issuance (the “New Notes”) via reopening of its S$400 million 4.00% senior notes due February 2026 (the “Original Notes”) under its US$5,000,000,000 Euro Medium Term Note (EMTN) Programme.
The New Notes will be consolidated with the Original Notes to form a single series with a total size of S$500 million. The New Notes were issued at par, plus accrued interest from the issue date of the Original Notes and are expected to settle on September 1, 2020.
The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch acted as sole
dealer for the New Notes.
Proceeds from the issuance will be used by Olam for debt refinancing and general corporate
purposes.
HEADLINES YOU MIGHT HAVE MISSED FROM BRAND SPUR
CBN directs banks to take over electricity bills collection from DisCos
The Central Bank of Nigeria (CBN) has asked banks to take responsibility for collecting electricity bill payments.
MTV Base celebrates leading black women in music with queens of base
MTV Base has dedicated the month of August to leading black women in music with a specially curated playlist tagged ‘Queens Of Base.
Public Cloud Hosting: US accounts for 47% of all global revenue in 2020
Data presented by Buy Shares indicates that in 2020, the United States is set to account for almost half of the public cloud hosting revenue. According to the data, the US will account for 47.21% of the global revenue of $95.47 billion.
Lekoil Appoints SP Angel as its Joint Broker
LEKOIL, the oil and gas exploration and production company with a focus on Nigeria and West Africa, announces today that it has appointed SP Angel Corporate Finance LLP to act as the Company’s Joint Broker with immediate effect.
Nigeria’s GDP slumps as expected
Nigeria’s Q2 GDP performance was released this morning, with GDP down 6.10% year-on-year and non-oil GDP down 6.05% y/y. This was not a surprise (although one forecast poll predicted a 4.05% decline), given that in June the World Bank forecast a 3.2% contraction and the IMF forecast a 5.4% contraction for full-year 2020, suggesting that some poor quarters lay ahead.
Bond Yields Push Higher As GDP Weakens By 6.10% YoY
The FGN bonds market opened the week to the news of negative growth for Nigeria’s GDP (-6.10% YoY). This compounded an already weak market, still reeling from the previous week’s primary auction. We noted offers across the benchmark curve all session, but with no matching bids as investors continue to sit on the sidelines. Even offers at the long-end at 10.00% levels were not seen as enticing enough to bring client demand. Consequently, yields expanded by c.25bps on the average across the bond curve.
Nigeria Agriculture Sector GDP: Still resilient amid COVID-19?
Yesterday, the National Bureau of Statistics (NBS) released Nigeria’s GDP report for Q2-2020. According to the report, the Agriculture sector which contributes c. 25.0% to real GDP was one of the 6 of 19 sectors to record y/y growth in Q2-2020. This was as the sector’s GDP growth slowed to 1.58% y/y in Q2-2020 (vs. 1.8% and 2.2% recorded in Q2-2019 and Q1-2020, respectively).
Insider Dealing: Eterna’s CEO designate increases stake in Eternal Plc
Nnamdi Obiagwu, Executive Director/Chief Operating Officer – (CEO Designate effective 1st September 2020) of Eterna Plc, has acquired 200,000 shares (N1.90 per share) of the company in accordance with the Nigerian Stock Exchange policy on insider dealing.
IITA and EAGC agree to work towards producing aflatoxin-free grains for health and trade
The International Institute of Tropical Agriculture (IITA) and the Eastern Africa Grain Council (EAGC) today signed an agreement to work together to tackle aflatoxin contamination of grains in the region to help ensure that they are safe for human and livestock consumption and meet export standards.
