The Editorial Team |

Citigroup Hunts Growth in Emerging Markets as Rivals Retreat

LAGOS (Capital Markets in Africa) — Citigroup Inc. plans to deepen its corporate banking presence in developing countries from Russia to South Africa even as some rivals decamp to focus on their home markets. The lender has overhauled its business in eastern Europe, the Middle East and Africa to focus on emerging economies. The third-largest U.S. bank is betting unprecedented deal opportunities will follow the economic slump caused by the coronavirus pandemic, weak oil prices…

World Bank Talks With South Africa Stall on State Firm Aid

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JOHANNESBURG (Capital Markets in Africa) — The World Bank has told South Africa’s government it has to cut its wage bill to qualify for a loan of as much as $2 billion and doesn’t want the money used to bail out insolvent state companies, a person familiar with the situation said. Those conditions have stalled negotiations on the loan that began in April, the person said, asking not to be identified because the content of…

What Young Protesters in Nigeria Are So Angry About: QuickTake

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LAGOS (Capital Markets in Africa) — Nigeria has been rocked in October by some of the biggest protests since military rule ended in 1999, resulting in dozens of deaths and rattling what had been considered a virtually unassailable political establishment. Thousands of youths have taken to the streets to vent their anger about police brutality by marching, barricading roads and bridges and setting buildings and vehicles alight. The authorities initially struck a conciliatory tone and…

AFD Chief Urges African Nations to Borrow Locally to Avoid Bias

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LAGOS (Capital Markets in Africa) — African nations should tap more domestic savings for their funding needs and develop their own financial markets to avoid the complications and “bias” that comes with raising international debt. That’s according to Agence Française de Developpement Chief Executive Officer Remy Rioux, who is urging sovereign borrowers to turn to long-term, concessional financing rather than rely on short-term, expensive credit from private institutions. Part of the risk premium attached to African…

Liquid Telecom Raises $307 Million in African Data Center Push

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LAGOS (Capital Markets in Africa) — Liquid Telecom has raised $307 million through a rights issue to fund a rapid expansion of its data center business across Africa. The rights issue included an additional $40 million from U.K. development finance institution CDC Group Plc, the group said in a statement. Africa’s largest fiber-network operator is planning to expand its data center unit in five of the continent’s fastest-growing countries including Egypt and Nigeria, aid Stephane Duproz,…

China’s Feud With Bondholders Could Reset Debt Workout Rules

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LUSAKA (Capital Markets in Africa) — The last time Zambia renegotiated its external debt, the well-oiled machine established by institutional lenders and western governments handled it with little trouble. But 15 years later, with the southern African nation in the throes of a $12 billion debt overhaul, China and bondholders have emerged as powerful new players to upend the choreography. Beijing is embroiled in a feud with money managers in New York and London, putting…

LIBOR End Game Enters Next Phase With New Derivatives Protocol

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LAGOS (Capital Markets in Africa) — The global migration away from the London interbank offered rate hit a critical juncture Friday, with a new legal protocol opening the way for a wider adoption of alternative benchmarks. The International Swaps and Derivatives Association, or ISDA, unveiled standardized contractual language, which will allow firms that haven’t fully prepared for Libor’s exit to incorporate transition clauses into their agreements. Lawyers say the move by the trade group that oversees the global…

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