Loan Market Report: West Africa (Apr 2016)

Report includes a macro update as well as insights into the bank markets for each of: Burkina Faso, Cabo Verde, Côte d'Ivoire, Ghana, Nigeria, Senegal, Sierra Leone.

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Key take-aways:

  • Despite its internal problems, Nigeria dominating loan volumes, followed by Ghana
  • US$6.6bn loan transactions showing Nigerian loan market very active:
    • hesitating borrowers missing out on available liquidity
    • bold CFOs taking ‘borrow now, re-finance later’ approach
  • Energy sector deep in re-scheduling mode, mining loans expensive, but FIs seeing improved pricing trends
  • Incidents of lenders withdrawing credit approvals or unable to fund utilisation requests:
    • all the more important to run a competitive process and critically assess prospective lead arrangers
  • Withdrawal of international lenders creating funding gap:
    • heavier reliance on under-resourced DFIs causing deal delays
    • junior lenders muscling in with quick approvals convincing borrowers to sign junior debt first (to the detriment of their ability to follow with senior funding)

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Sophie Papasavva

Sophie Papasavva

Sophie Papasavva is the Founding Partner of EMFC Loan Syndications (“EMFC”), a boutique firm assisting companies seeking to raise bank debt. EMFC offers Loan Execution Support, acting as an additional ‘in-house’ resource to time-constrained finance teams. Prior to establishing EMFC, Sophie was a loans banker for 12 years, first as telecoms, media & technology relationship manager and later in loan syndications and sales, where she gained experience in multiple sectors such as oil & gas, mining, infrastructure, agribusiness and others. Sophie has originated, structured, executed, sold, restructured and syndicated loan financings ranging from simple bespoke bilaterals to complex multi-billion dollar, multi-currency syndicated transactions. Her expertise lies in arranging structured, bespoke financings for corporate borrowers operating in the emerging markets. To contact Sophie, please e-mail her directly at sophie@emfc-loans.com or follow her on Twitter at @Sophie_EMFC.