Securities firm Exotix has successfully placed USD 60 million in eighteen-month tenor Promissory Notes (P/N) guaranteed per Aval by National Investment Bank (NIB) of Ghana. The firm placed the deal with a mixture of trade finance specialist funds and hedge funds attracted by the yield of the notes as well as the ease of settlement.

The underlying P/N were repackaged by Sphynx Capital Markets PCC under its USD 2,000,000,000 notes issuance programme, which offers domestic and international investors exposure to African credit risk without the associated operational risks. Notes issued by Sphynx are governed by English law, may be listed, and are settled through Euroclear. Sphynx was launched by sponsor and arranger Iroko Securities Limited in September 2005.

In a separate development, Exotix has recruited Patrick Nelson to head the African Equities Sales team. Nelson's appointment is part of the firm's plan to roll out a one-stop shop equities brokerage business in sub-Saharan Africa. He joined Exotix on July 2 from RBC where he was where he was Managing Director for US Institutional Equity Sales

Patrick brings ten years' equity sales experience and we are delighted to have him on board as we build the African equities brokerage business,' says Exotix managing director Peter Bartlett.

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