The Editorial Team |

BRICS Bank to Lend Up to $780 Million to South Africa’s Eskom

JOHANNESBURG (Capital Markets in Africa) – The New Development Bank plans to lend as much as $780 million to Eskom Holdings SOC Ltd. for infrastructure projects this year as the ailing South African power utility battles to keep power supply steady. Eskom, which on Wednesday entered a seventh day of controlled power cuts, is contending with operational and financial challenges, threatening the productivity of Africa’s most-industrialized economy. The government is considering various interventions to turn…

Mozambique Cyclone Death Toll Doubles as Flood Waters Rise

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MAPUTO (Capital Markets in Africa) – Mozambique’s death toll from flooding in the wake of Cyclone Idai more than doubled as relief workers struggled to deal with the devastation wrought by the storm. The number of dead has increased to 202, Mozambique’s cabinet said, as it declared a national emergency. President Filipe Nyusi said the toll could exceed 1,000. In neighboring Zimbabwe, at least 98 people have died and that figure could reach 300, according to its…

Ghana’s $3 Billion Bonds Get Bids More Than 6 Times the Offering

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ACCRA (Capital Markets in Africa) – Ghana’s $3 billion Eurobond offering on Tuesday attracted bids that were more than six times the amount issued, according to a government official. The sale’s orderbook was about $20 billion, the country’s Finance Minister Ken Ofori-Atta told Bloomberg TV, a sign appetite for risky assets is still going strong. Ghana joins a slew of emerging-market borrowers who took advantage of the dovish turn in some of the world’s most important central…

Cyclone Damage Halts Trafigura Unit’s Mozambique Fuel Terminal

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LAGOS (Capital Markets in Africa) – Puma Energy and at least one other company halted operations at their fuel terminals in the Mozambican port city of Beira because of damage caused by Cyclone Idai. Beira, home to more than half a million people, bore the brunt of the storm that made landfall on March 15 and caused flooding that’s left at least 202 dead in Mozambique, and 98 more in Zimbabwe. Mozambican President Filipe Nyusi has said the…

Benin Issues Debut Eurobond as Demand for African Debt Soars

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BENIN (Capital Markets in Africa) – Benin raised 500 million euros ($567 million) in a debut Eurobond sale on Tuesday, the same day that West African neighbor Ghana touted a $3 billion deal. Benin’s amortizing notes, with a final maturity of 2026 and average life of six years, yield 6 percent, lower than the initial price talk of around 6.375 percent. Investors placed more than 1 billion euros for the offering, according to a person familiar…

Bristow Taking Barrick Helm Aids Talks, Tanzania AG Says

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DAR ES SALAAM (Capital Markets in Africa) – Mark Bristow taking over the leadership of Barrick Gold Corp.facilitated negotiations with Tanzania about a multibillion-dollar tax dispute that could be resolved by May, the country’s attorney general said. Barrick unit Acacia Mining Plc has been at odds with Tanzania’s government since July 2017, when the state handed it a $190-billion tax bill, saying the gold producer falsely declared bullion exports. Bristow was named Barrick chief executive officer in…

Channeling Thatcher: South Africa’s President Takes On Its Unions

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JOHANNESBURG (Capital Markets in Africa) – In 1987, an anti-apartheid firebrand named Cyril Ramaphosa led South Africa’s biggest-ever mining strike. Some 300,000 miners—from a union Ramaphosa himself had founded—walked off the job, protesting pay and working conditions. The mining company “used fascist methods to destroy workers’ lives,” Ramaphosa declared. Over the three-week strike, nine people were killed, 500 were injured and more than 50,000 were fired. Still, it demonstrated the power that organized black labor…

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