The Editorial Team |

U.K. Economy Enjoys Bigger-Than-Expected Election Bounce

LONDON (Capital Markets in Africa) – The U.K. economy’s bounce since the general election is proving bigger than initially estimated, justifying the Bank of England’s decision to hold fire last month on monetary easing. IHS Markit’s composite Purchasing Manager’s Index jumped to a 16-month high in January, beating an initial estimate. The dominant services sector also improved, and sentiment rose to the strongest since 2015. Sterling gained 0.3% to $1.3069 as of 9:55 a.m. in London. The…

Ghana Gets $14 Billion of Orders as It Issues 40-Year Eurobond

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ACCRA (Capital Markets in Africa)- Ghana sold sub-Saharan Africa’s longest-ever Eurobond as part of a $3 billion deal that was almost five times oversubscribed. West Africa’s second-biggest economy issued a $750 million tranche, which amortizes and has an average life of 40 years, at 8.875%, making it the highest-yielding sovereign dollar bond so far this year. Pricing was reduced from the initial talk of 9.4%. Ghanaian Finance Minister Ken Ofori-Atta discusses the Eurobond. He speaks…

Qatar Airways to Buy Rwandair Stake to Gain African Foothold

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KIGALI (Capital Markets in Africa) – Qatar Airways plans to purchase a 49% stake in Rwanda’s national carrier, stepping up its presence in the market weeks after taking a majority holding in the African country’s new airport. The Gulf airline is investing in Rwandair after identifying Africa as a market with significant potential, Akbar Al Baker, its chief executive officer, said in a briefing at the CAPA Qatar Aviation conference on Wednesday. The holding being negotiated…

Ghana Finance Chief Looks at Tax Base to Lessen Debt Risk

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ACCRA (Capital Markets in Africa) – Ghana’s efforts to raise domestic revenue are beginning to bear fruit and will help the country to be less dependent on debt, Finance Minister Ken Ofori-Atta said a day after the nation sold $3 billion in Eurobonds. West Africa’s second-biggest economy received about $15 billion in offers for the debt issuance that included a tranche of sub-Saharan Africa’s longest-yet Eurobond with an average life of 40 years. The sale would increase…

Inflows Surge as South African Government Bonds Find New Favour

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JOHANNESBURG (Capital Markets in Africa) – South African government bonds are finding favour with foreign investors, extending a rally even as concerns over the effect of the coronavirus continue to roil global markets. Non-residents bought the most of the debt on a net basis in 16 months on Tuesday, and the order book at Treasury’s weekly auction was the strongest in five weeks. Inflows this year stand at 7 billion rand ($470 million), according to JSE Ltd. data,…

There Are Oil Bargains in Asia After Virus Batters Demand

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LAGOS (Capital Markets in Africa) – Oil sellers are looking for alternative buyers in Asia for prompt cargoes as Chinese demand dries up because of the coronavirus and some customers ask to defer purchases. The suppliers — including oil majors and trading houses — are offering grades including Russia’s ESPO, Basrah Light from Iraq and Brazilian Lula for delivery in just a few weeks’ time, according to traders in Asia with knowledge of the matter….

Profit Boon Makes Egypt’s Banks Ripe for M&A. But Who’s Selling?

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CAIRO (Capital Markets in Africa) – A profit bonanza for Egyptian banks is ripening the industry for acquisitions. If only there were more willing sellers. One buyer found a way in. First Abu Dhabi Bank PSJC is in talks for the Cairo-based unit of Lebanon’s Bank Audi SAL, which needs cash to cope with an economic crisis back home. The bid is the first for an Egyptian bank by a Gulf lender in seven years, as companies…

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