The Editorial Team |

U.S. Probe and Credit Suisse Lawsuit Roil Mozambique Tuna Bonds

MAPUTO (Capital Markets in Africa) – Mozambique’s Eurobonds have taken a turn for the worse. After ending 2018 as the biggest gainers among more than 70 countries in the Bloomberg Barclays Emerging Markets USD Sovereign Bond Index, they’re at the bottom so far this year. The $727 million of securities due in 2023 have lost 6.9 percent in price terms, which compares with the average return in emerging markets of 3.3 percent. The bonds have been in default…

Africa’s Biggest Money Manager Accused of Rewarding Cover-Ups

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JOHANNESBURG (Capital Markets in Africa) South Africa’s Public Investment Corp. rewarded employees with extra pay and bonuses for helping to cover up a culture of mismanagement and corruption at Africa’s biggest money manager, according to the former chief technology officer. While some dysfunction at the top of the PIC dates back to before departed Chief Executive Officer Daniel Matjila succeeded Elias Masilela more than four years ago, the situation got worse afterwards, Luyanda Ntuane said on Tuesday in the…

Stars Are Aligning for South African Rate Cut as Policy Tightens

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JOHANNESBURG (Capital Markets in Africa) – The “r-star” is pointing to a South African rate cut. That’s the suggestion from a study published by the South African Reserve Bank, which calculates that the country’s so-called neutral real rate, or R* in the jargon of economists, had fallen to about 1.9 percent by the end of 2017, from as high as 5.4 percent before the 2008 financial crisis. R* is the interest rate that would support…

Clover Managers Back Bidders With Africa Growth Plans

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JOHANNESBURG (Capital Markets in Africa) – Clover Industries Ltd. management plans to buy into the business alongside a group of investors that offered 4.8 billion rand ($338 million) to acquire South Africa’s largest publicly traded dairy-products manufacturer. If the transaction goes ahead, the Johannesburg-based company will expand into other African markets, Chief Executive Officer Johann Vorstersaid in a phone interview on Tuesday. A consortium led by Tel Aviv-based Central Bottling Co. offered 25 rand a share for Johannesburg-based Clover…

Mozambique Debt Restructuring to Continue as Scandal Grows

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MAPUTO (Capital Markets in Africa) – Mozambique will continue with restructuring talks over $2 billion of defaulted loans, the Ministry of Finance said, even as an international scandal around the debt intensifies. The $2 billion comprises three loans, one of which was converted into a eurobond, and another two that are guaranteed by the state. Mozambique in November announced an agreement in principal with investors to restructure its $727 million eurobonds that would see debt-holders…

Libya’s Biggest Oil Field Restarts, Adding Hurdle to OPEC Cuts

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CAIRO (Capital Markets in Africa) – Libya’s biggest oil field resumed production, adding another complication to OPEC’s effort to trim a global supply glut. Sharara resumed production and is expected to reach 80,000 barrels in one day, according to people with knowledge of the matter who asked not to be identified because they aren’t authorized to speak to the media. Regular output will be fully restored in the coming days, now that the site has been re-secured…

Zimbabwe Allocates Funds for Foreign Portfolio Investors to Exit

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HARARE (Capital Markets in Africa) – Zimbabwe’s central bank will provide 15 percent of the foreign exchange it has available to investors seeking to repatriate proceeds from share sales and dividends. The allocation is the latest step by the authorities to overhaul its monetary system after a lack of foreign currency caused shortages of basic commodities and spawned the highest inflation rate in a decade. The government last month scrapped a quasi-currency known as bond…

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