The Editorial Team |

Tembo Power partners with Metier for the financing and construction of its first Kenyan hydropower plant

LAGOS (Capital Markets in Africa) – Tembo Power has signed a Joint Development Agreement with Metier, an independently owned private equity fund manager, for its Kaptis project, a 14.7 MW run of a river hydropower project in Kenya, together with its partner WK Construction, a leading contractor in the field of hydropower in sub-Saharan Africa. This agreement now allows the partners to appoint lenders and prepare for financial closing, expected this year, and to start…

White House Mulls New 50-, 25-Year Bonds to Finance Stimulus

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NEW YORK (Capital Markets in Africa): The Trump administration is revisiting the idea of issuing ultra-long bonds as it grapples with how to finance a $1.3 trillion fiscal stimulus plan, according to people familiar with the matter. President Donald Trump’s advisers are considering, among other options, issuing both 50-year and 25-year bonds as they seek financing for additional federal debt with the lowest cost to taxpayers, the people said on the condition of anonymity to discuss…

Fed Starts Dollar-Swap Lines With Nine More Central Banks (1)

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LONDON (Capital Markets in Africa): The Federal Reserve established temporary dollar liquidity-swap lines with nine additional central banks, expanding the rapid roll-out of financial-crisis-era programs to combat the economic meltdown from the coronavirus pandemic. The new facilities total $60 billion for central banks in Australia, Brazil, South Korea, Mexico, Singapore, and Sweden, and $30 billion each for Denmark, Norway, and New Zealand. The swap lines will be in place for at least six months. The…

London Hedge Fund Gains 94% as Pandemic Batters Credit Markets

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LONDON (Capital Markets in Africa)- Hedge fund Chenavari Investment Managers has extended its gains this year to as much as 94% thanks to bets on credit-market volatility during the coronavirus pandemic. The firm’s $400 million Dynamic Credit Cycle Fund achieved the gains through March 16 after having already made 70% by March 12, according to a note sent to investors and seen by Bloomberg. Its strategy for the past two years has been to seek to benefit…

London’s Pubs May Be Ordered to Close But City Will Stay Open

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LONDON (Capital Markets in Africa) – Boris Johnson’s government is considering tougher action to fight the spread of the coronavirus in London but has denied it is planning to confine residents to their homes or seal off the city. “There are no plans to close down the transport network in London and there’s zero prospect of any restrictions being placed on people traveling in or out of London,” Johnson’s spokesman James Slack told reporters. It is “not…

StanChart Kenya Sees Prolonged Viral Pandemic as ‘Very Damaging’

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NAIROBI (Capital Markets in Africa) – The coronavirus outbreak will hurt Kenyan business revenues if it lasts longer than 90 days as employees stay away from work and companies halt operations, according to Standard Chartered Bank Kenya Ltd. “We are starting to engage with clients to see what is the impact,” Chief Executive Officer Kariuki Ngari said. “We believe it will get worse before it gets better. We are hopeful like everybody else that it will not…

Ivory Coast Finance Chief Sees GDP Growth at Nine-Year Low

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ABIDJAN (Capital Markets in Africa) — Ivory Coast’s economy will probably expand at the slowest pace since the end of a crisis in 2011 as the outbreak of coronavirus is seen to hit foreign direct investment and the roll-out of infrastructure. The world’s top cocoa producer cut its 2020 economic growth forecast to 5.8%, from an initial estimate of 7.3%, Minister of Economy and Finance Adama Coulibaly said in an interview. The loss of income…

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