Nigeria Hires Citi, StanChart, Stanbic for $2.5 Billion Eurobond

Nigeria Hires Citi, StanChart, Stanbic for $2.5 Billion Eurobond

LAGOS (Capital Markets in Africa) – Nigeria hired Citigroup Inc., Standard Chartered Plc and Stanbic IBTC Holdings Plc to help it sell $2.5 billion of Eurobonds, possibly in the first quarter. “The minister confirmed this at the Federal Executive Council briefing on Wednesday,” Oluyinka Akintunde, media adviser for Finance Minister Kemi Adeosun, said by text message on Thursday. The government rehired the group of lenders who managed its Eurobond sales late last year. Proceeds from the issuance will be used to refinance…

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Kenya Is Said to Pick Citi, JPMorgan to Advise on Eurobond Sale

Kenya Is Said to Pick Citi, JPMorgan to Advise on Eurobond Sale

NAIROBI (Capital Markets in Africa) – Kenya mandated four banks including Citigroup Inc. and JPMorgan Chase & Co. to manage a sale of Eurobonds planned within the next two months, according to four people familiar with the plan. The ministry also chose Standard Chartered Bank Plc and Standard Bank Group’s Kenyan unit Stanbic Holdings to help with the sale, said the people, who asked not to be identified because the appointment hasn’t been made public…

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Nigeria Plans $2.5 Billion Eurobond Sale in First Quarter

Nigeria Plans $2.5 Billion Eurobond Sale in First Quarter

LAGOS (Capital Markets in Africa) – Nigeria may sell $2.5 billion of Eurobonds in the first quarter to refinance domestic debt and wants to start talks with JPMorgan Chase & Co. about being reinstated in its local-currency emerging-market bond index, according to a government official. The issuance would complete a dollar-debt program that started with selling $3 billion of Eurobonds in November, said Debt Management Office Director-General Patience Oniha. The yield on dollar bonds due November 2027 have…

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Russia’s No. 2 Bank Seeks Mozambique Debt Talks After Default

Russia’s No. 2 Bank Seeks Mozambique Debt Talks After Default

MAPUTO (Capital Markets in Africa) – The head of Russia’s second-biggest bank wants to meet with Mozambican President Filipe Nyusi and other officials soon to attempt to start negotiations over restructuring about $2 billion in debt, which haveyet to formally begin since the country defaulted a year ago. “We would like to convince them to start more negotiations with investors for restructuring the debt,” VTB Group Chief Executive Officer Andrey Kostin said in a Bloomberg Television interview at the World…

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Angola Owes $5 Billion to Suppliers, Plans Eurobond Sale in 2018

Angola Owes $5 Billion to Suppliers, Plans Eurobond Sale in 2018

LUANDA (Capital Markets in Africa) – Angola owes more than 1 trillion kwanzas ($5 billion) to companies in Africa’s second-biggest oil producer and may sell an international bond this year, according to its Macroeconomic Stabilization Plan. President Joao Lourenco’s government is seeking to settle the unpaid invoices by 2019, according to the document seen by Bloomberg. The arrears relate to costs incurred in the country between 2014 and 2016, it showed. “The payment of these arrears,…

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Dogs of High-Yield Sovereign Debt Keep Winning Streak Alive

Dogs of High-Yield Sovereign Debt Keep Winning Streak Alive

LAGOS (Capital Markets in Africa) – Investing in the world’s highest-yielding debt has proven a winning strategy over the past decade. Last year was no exception. An equally weighted portfolio of bonds from the six highest-yielding emerging markets would have returned 19 percent in 2017 versus a 9.3 percent return for JPMorgan Chase & Co.’s benchmark index, according to Seaport Global Holdings LLC. It marked the eighth time in nine years the “mutts,” as fixed-income…

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World’s Biggest Bond Losers Reward Investors Betting on Rebound

World’s Biggest Bond Losers Reward Investors Betting on Rebound

LAGOS (Capital Markets in Africa) – Money managers gunning for the best emerging-market bond returns this year may want to consider the biggest losers of 2016 and 2017. History suggests that the worst-performing sovereign debt over a 12- or 24-month horizon is often prone to a sharp reversal as prices revert back to fair value. Take for example Barbados and Turkey. They rebounded from posting some of the worst returns of 2013 to lead the…

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