Author: The Editorial Team

CAIRO (Capital Markets in Africa) – Egypt approached JPMorgan Chase & Co.’s to be included inclusion in its emerging-market bond indexes and is making progress on a plan to make it easier for foreigners to invest in its local debt, Finance minister Mohamed Maait said. “Our strategy aims to reduce our borrowing costs and make our debt more attractive,” Maait said in a telephone interview on Thursday. Joining the JPMorgan indexes would “have a positive impact as…

LAGOS (Capital Markets in Africa) — Corporate credit metrics diverge across Eastern Europe, the Middle East and Africa (EMEA), as sector spreads are tightly correlated to sovereign risk. Fundamentals continue to improve for the region’s energy sector issuers, while EMEA banks remain subject to idiosyncratic, country-specific risk.  EMEA energy sector debt valuations are driven by country rather than company fundamentals, resulting in higher yields than emerging market peers. Energy sector issuers from Central Asia and…

ABIDJAN (Capital Markets in Africa) – Ivory Coast cut its forecast for debt sales in West Africa’s regional market this year, raising the likelihood of a larger Eurobond issuance to fund its budget. The world’s top cocoa producer plans to reduce its local-currency issuance in the eight-member West African Economic and Monetary Union by almost a third from last year, according to Agence UMOA-Titres, the bloc’s debt agency. That will leave the nation with a balance…

JOHANNESBURG (Capital Markets in Africa) – Shoprite Holdings Ltd. shares slumped the most since 1999 after Africa’s biggest grocer said first-half earnings dropped as much as 26 percent, with South African food deflation and IT troubles compounding weakness in the rest of the continent. Headline earnings per share declined between 16 percent and 26 percent to as little as 3.89 rand, the Cape Town-based supermarket operator said in a statement after the market closed on Tuesday. Key Insights…