The Editorial Team |

Ethiopian Eurobond Yields Surge as Fitch Sees Default Risk

ADDIS ABABA (Capital Markets in Africa) — Ethiopia’s Eurobonds slumped, sending yields to their highest levels in more than eight months after Fitch Ratings said the nation’s decision to seek debt relief raised the risk of default. The yield on $1 billion of notes due in December 2024 jumped 68 basis points to 9.16% by the close in London on Tuesday. Fitch downgraded the Horn of Africa nation’s long-term foreign currency debt rating by one…

AstraZeneca Study Lead Tells South Africa Not to Be Reckless

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JOHANNESBURG (Capital Markets in Africa) — The lead researcher of the South African trial of AstraZeneca Plc’s coronavirus vaccine urged authorities in the country to continue using the shot to cut death and hospitalization rates and the chance of further virus mutations. Early data of a small phase trial published Sunday showed that AstraZeneca’s vaccine has limited efficacy against mild disease caused by the B.1.351 variant that’s now dominant in South Africa, prompting the government…

Hedge Funds Enter Credit Suisse Bribery Fight With Mozambique

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LAGOS (Capital Markets in Africa) — Hedge funds VR Capital Group Ltd. and Farallon Capital Partners LP have filed lawsuits against both Credit Suisse Group AG and the government of Mozambique over a $2 billion debt scandal. VR Capital, which is led by Richard Deitz, and Farallon are suing the investment bank in London over its involvement in arranging loans for a series of unsuccessful maritime projects in the southern African country, according to a legal…

Meet Nigerian Corruption Cop Lagarde Expects Will ‘Rock’ WTO

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LAGOS (Capital Markets in Africa) — The incoming chief of the World Trade Organization has a reputation for shaking up the guardians of wealth and power that will come in handy in her new role. During Ngozi Okonjo-Iweala’s effort to root out corruption during her first stint as Nigeria’s finance minister, opponents of her plans nicknamed her “Okonjo Wahala” — “Okonjo the trouble maker.” The 66-year-old development economist embraces the moniker and true to form, trouble was…

Ivory Coast Reopened Eurobonds Get Orders More Than Triple Offer

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ABIDJAN (Capital Markets in Africa) — Investors placed orders for more than triple the amount of Eurobonds offered by Ivory Coast in a reopened sale Monday, evidence of the unrelenting appetite for the higher returns on riskier frontier-market assets. The west African nation, the world’s largest cocoa producer, issued 600 million euros ($725 million) more of its existing euro-denominated 4.875% coupon bonds due 2032 and 250 million euros more of the 6.625% coupon securities maturing 2048,…

Egypt Seizes on Bond Rally as It Borrows $3.75 Billion

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CAIRO (Capital Markets in Africa) — Egypt raised $3.75 billion of bonds on Monday as it sought to take advantage of investors’ hunger for higher-yielding assets. The North African nation issued securities due in five, 10 and 40 years, with respective yields of 3.875%, 5.875% and 7.5%. The initial price talk ranged from 4.25% on the shortest tranche to 7.875% on the longest one. A wave of monetary stimulus and optimism that coronavirus vaccine rollouts will sustain a global economic recovery…

The Political Events That Will Impact Emerging Markets in 2021

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LAGOS (Capital Markets in Africa) — Elections are set to dominate the political calendar in emerging and frontier markets in a year when investors’ focus turns to how quickly governments are able to lift their economies from the global downturn. The results of the votes in nations from South Africa to Mexico will help determine the market winners and laggards amid concern over valuation in EM assets after a rally boosted stocks to a record this year. The…

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