The Editorial Team |

Jumbo Europe Borrowers Add Pound Bonds on Brexit Cost Drop

LAGOS (Capital Markets in Africa) – More jumbo bond sellers in Europe may include sterling tranches as a Brexit-fueled decline in borrowing costs bolsters the appeal of a diversified investor base. Siemens AG is marketing a benchmark five-year pound bond on Tuesday, together with a four-part euro benchmark offering. LVMH Moet Hennessy Louis Vuitton SE and Comcast Corp. also sold pound notes alongside euro tranches last week, following a decline in sterling bond yields caused by expectations for an interest-rate cut. On…

Benin Plans Eurobond Sale as Demand for African Debt Soars

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BENIN (Capital Markets in Africa) – Benin is considering to again sell euro-denominated bonds in 2020 as the West African nation seeks to benefit from strong demand for the continent’s high-yielding foreign-currency debt, according to people familiar with the matter. The $10-billion economy, which sold a debut offshore bond of 500 million euros ($548 million) in March, will probably sell a bigger amount of debt in an issuance that would probably take place in the second…

Investec CEO Warns Government Indecision Threatens SAA Survival

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JOHANNESBURG (Capital Markets in Africa) – Squabbling between South Africa’s government and the state-owned airline’s bankruptcy administrator is threatening its chances of survival, Investec Ltd.’s chief executive officer said. President Cyril Ramaphosa in December placed debt-ridden South African Airways in business rescue, a local form of bankruptcy protection. Over the past few days, there’s been a flurry of conflicting messages from the government and the business-rescue practitioners, leaving investors and customers unclear about whether the carrier has a future….

Ghana Closes In on Watchdogs, Execs at Center of Banking Crisis

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ACCRA (Capital Markets in Africa) – Ghana is seeking to prosecute a former finance minister, industry regulator and deputy central bank governor in a bid to stamp out alleged collusion with company executives that helped contribute to the West African nation’s biggest banking crisis. The former officials are being charged along with nine other banking executives on charges ranging from money laundering to defrauding depositors in the aftermath of a three-year industry clean-up — the costs of…

Mozambique Drops Appeal for Extradition of Ex-Finance Minister

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MAPUTO(Capital Markets in Africa) – Mozambique’s Attorney General withdrew appeals to have the country’s former finance minister sent home from South Africa, where he is in custody over a $2 billion debt scandal. Both the U.S. and Mozambique want South Africa to extradite Manuel Chang to face charges related to financial crimes. He’s been in custody in Johannesburg for more than a year since his arrest on U.S. charges. Chang, who’s denied wrongdoing, wants to face charges…

Egypt’s Macroeconomic Numbers Are Misleading: Timothy Kaldas

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NEW YORK (Capital Markets in Africa)- Despite improved macroeconomic indicators, the demands for bread, freedom and social justice remain elusive for most. Nine years ago today, the Egyptian people toppled Hosni Mubarak, their ruler of nearly 30 years. What had begun as protests against police brutality drew inspiration from the success of anti-regime demonstrations in Tunisia, and escalated into demands for the fall of the dictatorship. Among the most popular chants in Cairo’s Tahrir Square…

Ghana to Use $1 Billion of Bond Proceeds for Energy Debt, Google Abandons Plans

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LAGOS (Capital Markets in Africa)- Ghana plans to use as much as $1 billion of the Eurobonds it sold last week to help restructure the country’s obligations to independent power producers, said Finance Minister Ken Ofori-Atta. The West African country is in talks to re-negotiate supply deals with the power companies known as IPPs. The current take-or-pay agreements mean the government is billed even for unused electricity. “We are going to put about $1 billion aside from…

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