The Editorial Team |

Citigroup Disappointed by South Africa Investment as Deals Stall

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…

Old Mutual Denies Ex-CEO’s Claims That Chairman Bullied Board

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JOHANNESBURG (Capital Markets in Africa) – Old Mutual Ltd. said accusations by former Chief Executive Officer Peter Moyo that Chairman Trevor Manuel bullied other board members of the South African life insurer into firing him are false. The 174-year-old insurer dismissed Moyo because of corporate-governance concerns related to his role at NMT Capital, an investment firm he co-founded and in which Old Mutual owns 20%, the company said in papers filed in the Johannesburg High Court on Tuesday. Moyo’s…

African Trade Bank Plans Eurobond Sales to Build on May Sale

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LAGOS (Capital Markets in Africa) – Trade & Development Bank, a trade financier with 22 African countries as members, plans to return to the market sooner than planned to raise $100 million as borrowing costs become more favorable. “There’s a strong possibility that we would be tapping by the end of 2019,” Chief Executive Officer Admassu Tadesse said in an interview in Port-Louis. “It could be $100 million dollar – we would see that as a more…

Egypt’s Rate Cut Even Closer After Inflation Sinks to 3-Year Low

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CAIRO (Capital Markets in Africa) – Egyptian inflation eased unexpectedly to its lowest rate in more than three years, with some analysts predicting a greater chance of the central bank cutting interest rates in the coming months. Consumer prices in urban parts of Egypt rose by an annual 9.4% in June, compared with 14.1% in May, the state-run statistics agency, CAPMAS, said Wednesday. On a monthly basis, food prices declined 2.2%. Although the extent of the deceleration was…

Tunisia Tempts Investors With Highest Euro Yield This Year

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TUNIS (Capital Markets in Africa) – Tunisia is tapping the euro-debt market for the second time in nine months, tempting investors with 2019’s highest yield for a sovereign bond in the single currency. The north African nation is offering a benchmark-sized seven-year note at about 6.875% following investor meetings in Europe and the U.S., according to a person familiar with the matter, who isn’t authorized to speak publicly and asked not to be identified. It raised 500…

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