The Editorial Team |

Johnson’s Acerbic Brexit Guru Wants a Political Revolution

LONDON (Capital Markets in Africa) – Dominic Cummings, the director of the 2016 campaign to get Britain out of the European Union, is one of the most acerbic and divisive figures in British politics. His appointment as one of Boris Johnson’s senior advisers could signal a radical shake-up in Westminster. Cummings was made famous outside political circles earlier this year when he was portrayed by Benedict Cumberbatch in a TV drama about the referendum campaign. It captured his…

Investors Gorge on African Bonds, But They’re Dodging Its Stocks

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LAGOS (Capital Markets in Africa) – African local bonds are on a tear as investors flock to riskier assets. But the continent’s stocks are missing out, despite being much cheaper than their emerging-market peers. The AFMI Bloomberg African Bond Index, which groups the local-currency debt of eight nations including South Africa, Nigeria, Egypt and Ghana, has gained 6.1% in dollar terms since the start of May, around the time a dovish tilt by major central banks…

Kenya Bank Stocks Seen Leading Nairobi Gains as Bond Yields Drop

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NAIROBI (Capital Markets in Africa) – Kenyan banks are expected to lead a rally in local stocks as investors switch out of government bonds because of falling yields, said Muathi Kilonzo, head of equities at EFG Hermes Kenya Ltd. “When you look at yields in fixed income, they have started to come down and that is because there is a lot of liquidity so there will be an inflection point,” Kilonzo said. “As yields continue to…

Togo Readies Debut International Bond as Demand for Euros Soars

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LOME (Capital Markets in Africa) – Togo is preparing to raise 500 million euros ($564 million) in its first sale of international bonds as demand for emerging-market securities issued in the currency soars, according to people familiar with the matter. The government has been weighing options to refinance more expensive debt, said the people, who asked not to be identified because the matter is private. While authorities previously thought syndicated loans would be the cheapest…

Citigroup Disappointed by South Africa Investment as Deals Stall

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JOHANNESBURG (Capital Markets in Africa) – Citigroup Inc. invested to expand in South Africa. Now all the New York-based bank needs is deals. “We have in the two last cycles appropriated additional capital to continue to grow our business, but we haven’t seen as big a deal flow to be able to execute against that,” said Citigroup Chief Country Officer Peter Crawley. “We’re very much sitting on the side and battening down the hatches, planning for…

Ramaphosa Opts for Continuity at Central Bank as Kganyago Stays

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JOHANNESBURG (Capital Markets in Africa) – South African President Cyril Ramaphosa has reappointed Lesetja Kganyago as governor of the Reserve Bank and named two deputies from his existing team, ending uncertainty about the top management at one of the nation’s key economic institutions. Kganyago will serve another five years after his first term ends in November, the Ministry of Finance said in an emailed statement Wednesday. Ramaphosa also appointed Monetary Policy Committee members Fundi Tshazibana, who served as an adviser…

Eskom Gets Rescue Option as PIC Proposes Debt-Equity Swap

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JOHANNESBURG (Capital Markets in Africa) – A proposal by the biggest owner of Eskom Holdings SOC Ltd.’s debt to convert its $6.4 billion holding into equity has become a rescue option as South Africa seeks to restructure the troubled power utility. In return, the Public Investment Corp., which manages about $150 billion and is responsible for the pensions of more than 1 million state workers, wants a say over Eskom’s messy finances, including board representation, said…

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