The Editorial Team |

Ghana to Start $403 Million Debt Sale for Lenders Next Month

ACCRA (Capital Markets in Africa) – Ghana will start a debt sale next month to prop up lenders as authorities seek 2 billion cedis ($403 million) in finance for banks undercapitalized banks. The government created a special-purpose vehicle known as Ghana Amalgamated Trust, or GAT, which will use the debt sale’s proceeds to purchase shares in five lenders and help them meet a minimum capital threshold of 400 million cedis. GAT will pay debt investors a…

Anadarko Urgently Wants Armored Vehicles for Mozambique Project

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MAPUTO (Capital Markets in Africa) – Anadarko Petroleum Corp. wants a fleet of at least six vehicles with armor heavy enough to stop AK-47 bullets at its natural-gas project in Mozambique. And it needs them soon. The company called for expressions of interest from potential suppliers of so-called B6 specification vehicles, and also wants associated fleet management services, according to an advertisement published in the Maputo-based Noticias newspaper on Thursday. Anadarko is expected to spend at…

Egypt Approaches JPMorgan to Join EM Bond Index, Minister Says

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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…

Why Are So Many African Leaders Shutting Off the Internet in 2019?

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LAGOS (Capital Markets in Africa) — Last week, Zimbabwe’s High Court ordered Internet operators to restore the Internet, which they had shut down for a week. President Emmerson Mnangagwa’s officials ordered the shutdown after mass protests against fuel price hikes — from less than $3 per gallon to almost $12 a gallon — rocked Zimbabwe for weeks, aiming to prevent protesters from coordinating their actions and sharing information. Protesters argued that the shutdown’s goal was…

Credit Fundamentals Play Second Fiddle to EMEA Sovereign Risk

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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…

Cut in Ivory Coast’s Local Debt Target Raises Eurobond Prospects

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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…

In Tense Uganda, You Watch President – And He Watches You

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KAMPALA (Capital Markets in Africa) – Step into a cinema in Uganda’s capital and you could watch an action-packed retelling of President Yoweri Museveni’s ascent to power. Step outside of it and Museveni could be watching you. A new surveillance system with hundreds of cameras on Kampala’s streets; a glitzy biopic made by the president’s daughter — superficially they have little in common. But in the East African country the former rebel has ruled with a…

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