The Editorial Team |

When $2 Trillion Falls Short, the Next 2020 May Be Uninsurable

LAGOS (Capitals in Markets in Africa) — There aren’t many contexts where $2 trillion seems like a paltry sum. Then a pandemic comes along. The economic fallout from Covid-19 has left insurers issuing existential warnings and businesses discovering they weren’t covered. It’s resulted in courts packed with lawsuits and governments scrambling to head off more pain. At the core is the reality that the global non-life insurance industry’s $2 trillion in the capital won’t last in a…

Biden Reaches Deadline That Makes Victory Nearly Irreversible

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NEW YORK (Capital Markets in Africa) — Joe Biden will be one formal step closer to the presidency after Tuesday’s deadline for states to certify their slates of electors to the Electoral College — locking in the names of the people who will formally vote to make Biden the president. Once that happens, there’s little turning back. Congress must by law accept those electors if there’s no outstanding litigation, and President Donald Trump’s legal challenges have…

Egypt Lays Out What Bond Investors Craving Yield Can Expect

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CAIRO (Capital Markets in Africa) — Egypt wants to get its local debt settled by Euroclear Bank SA in less than a year and introduce its first floating-rate bonds by mid-2021, part of a push to cut borrowing costs and stoke rebounding demand for its notes. A deal with Belgium-based Euroclear will mean a “safe gateway” to the market for “big-ticket investors such as central banks and increase demand and liquidity by expanding our investor…

Emerging-Markets’ Prospects Bright, Even If Risks Never Far Away

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LAGOS (Capital Markets in Africa) — For all the risks of a year-end cooling-off period, emerging-market backers can’t complain about the lie of the land right now. From the rollout of vaccination programs in some countries to rising commodity prices and the prospect of a breakthrough in U.S. stimulus talks, there are plenty of tailwinds to justify the buying spree that has sent gauges of developing-nation stocks, currencies and bonds to five straight weeks of…

Ghana Votes for President in Race Pitting Longtime Rivals

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ACCRA (Capital Markets in Africa) — Ghanaians voted Monday in a presidential election that’s expected to be tight, as the two front-runners face off for the third time. President Nana Akufo-Addo of the New Patriotic Party is seeking another four years at the helm of Africa’s top gold producer. His predecessor, John Mahama of the National Democratic Congress, aims to unseat him with a promise of mass infrastructure spending. The winner of Monday’s contest will…

Investec Exits Australia to Expand U.K., South African Units

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JOHANNESBURG (Capital Markets in Africa) — Investec Group is exiting Australia as the South African and U.K. specialist bank and wealth manager focuses on expanding existing operations. “We are winding down the business in Australia to focus on building scale and relevance in our core markets,” the London- and Johannesburg-based lender said by email. “This is in line with our stated strategy to bring clarity, simplicity, and focus to every aspect of Investec.” The company…

Abu Dhabi Wealth Fund Targets Africa, Renewables to Lift Returns

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LAGOS (Capital Markets in Africa) — Abu Dhabi’s top sovereign wealth fund is looking to Africa and renewable energy to generate greater returns while relying more on artificial intelligence to mine data and spot new investment opportunities. “With an abundance of natural resources and young, growing, and increasingly educated populations, African countries are among those offering the greatest potential for long-term investors,” said Abu Dhabi Investment AuthorityManaging Director Hamed bin Zayed Al Nahyan. “We already…

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