The Editorial Team

Egypt Set to Raise Samurai Bonds Worth $500 Million This Week

CAIRO (Capital Markets in Africa) – Egypt plans to raise the equivalent of about $500 million with its first yen bonds, according to an official, as the government seeks to diversify funding for the economy that’s under pressure from the war in Ukraine and soaring commodity prices. The government is issuing the yen-denominated five-year debt in a private placement that will probably be completed Thursday, the head of the finance ministry’s debt management unit, Mohamed…

Central Banks, BIS Develop Digital Currencies Platform Prototype

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LAGOS (Capital Markets in Africa) – Several central banks and the Bank for International Settlements have developed prototypes for a common digital currencies platform that has the potential to make cross-border payments more efficient. The two prototypes demonstrate the technical viability of such a platform, the BIS said in a statement Tuesday with the Reserve Bank of Australia, Bank Negara Malaysia, the Monetary Authority of Singapore, and the South African Reserve Bank. Codenamed “Project Dunbar,”…

Goldman, Absa See More Ghana Rate Hikes If Cedi Weakens Further

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ACCRA (Capital Markets in Africa) – Ghana’s central bank will need to raise interest rates further this year unless a decline in the cedi is arrested, Goldman Sachs Group Inc.and Absa Group Ltd. said. The West African nation increased borrowing costs by the biggest margin in two decades on Monday to arrest inflation that accelerated at the fastest pace in almost six years in February and stem a depreciation in the cedi. The currency has weakened more than 17%…

Eskom Considering Taking Climate Funds as Equity Injection

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s state power company is planning to propose that some of the funding the country secured to help tackle climate change take the form of loans to the government that could be converted to equity in the utility when needed. The arrangement would enable Eskom Holdings SOC Ltd. to access the $8.5 billion pledged by the U.S., U.K., Germany, France and the European Union without adding to its debt burden,…

Russia Diamond Supply Curb May Benefit Zimbabwe Miner’s Gems

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HARARE (Capital Markets in Africa) – Zimbabwe’s biggest miner of rough diamonds sees Russia’s invasion of Ukraine triggering far-reaching consequences for the global gem industry and possibly lifting demand for its own stones. Russia’s Alrosa is the world’s biggest diamond producer by volume at 30% and the slightest disruption to its ability to supply distorts the market, according to Zimbabwe Consolidated Diamond Co. Chief Executive Officer Mark Mabhudhu. “It may end up creating the supply gap…

Centricus Said to Bid More Than $3.9 Billion for Chelsea FC

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LONDON (Capital Markets in Africa) – Centricus Asset Management Ltd. partnered with Cheyne Capital’s Jonathan Lourie and Talis Capital’s Bob Finch to join the bidding for Chelsea Football Club, one of European sport’s most prized assets. The offer from Centricus values Chelsea at more than 3 billion pounds ($3.9 billion), including commitments for further investment, a person familiar with the matter said, asking not to be identified discussing confidential information. Centricus co-founder Nizar Al-Bassam and…

Evraz Says Abramovich Ties Leave Bond Coupon Cash In Limbo

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LONDON (Capital Markets in Africa) – A $18.9 million coupon payment on a bond issued by Evraz PLChas been blocked due to the Russian steelmaker’s ties to sanctioned billionaire Roman Abramovich. Evraz moved the cash a week ago, but the company’s correspondent bank, Societe Generale New York, halted its transfer to paying agent BNY Mellon for compliance reasons, the steel company said in a regulatory filing on Monday. The block “has its roots in the…

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