The Editorial Team |

Goldman Tells Big Oil: Take the Gas Risk, Demand Will Follow

LAGOS (Capital Markets in Africa) – The world’s largest energy producers will probably start hitting the gas on new projects, according to Goldman Sachs Group Inc. Suppliers are better placed than buyers to bear the cost and risk of new liquefied natural gas projects, and may drive the next wave of investment, the bank said in a note. While the industry’s aware of the need for more output, the traditional model, where financing for new LNG…

Botswana’s New Leader Backs Asset Sales in Investment Drive

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GABORONE (Capital Markets in Africa) – Botswana’s new leader wants to shrink the civil service, sell state companies and cut red tape as he targets increased foreign investment. President Mokgweetsi Masisi has identified reducing the southern African nation’s reliance on diamonds and creating jobs for the almost one in five workers who are unemployed as his top priorities since taking office six weeks ago. Private companies will have to take the lead, he said in a May…

Bond Bonanza Raises Threshold for New Emerging-Market Debt Sales

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LAGOS (Capital Markets in Africa) – Emerging-market issuance is losing its fizz and bond investors are divided in their appetite for risk after a record year for hard-currency debt. With about $290 billion in placements by borrowers from developing nations so far this year, volumes have been slipping since the second week of April when a slew of multi-tranche deals from Saudi Arabia, Qatar and Egypt accounted for half of the $50 billion of bonds…

Oil Traders Buy Fast, Sell Fast in World’s Newest Futures Market

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LAGOS (Capital Markets in Africa) – Less than two months since trading started, China’s oil futures are proving a hit, but it seems mainly with short-term speculators. So short-term, in fact, that they’re holding contracts on average for an estimated two hours. That compares with more than 60 hours for London’s Brent crude and 47 hours for West Texas Intermediate in New York, the global benchmarks that China hopes the Shanghai futures will one day rival. It’s a pattern that’s repeated…

As Emerging-Market Assets Tumble, South Africa Sells Eurobonds

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JOHANNESBURG (Capital Markets in Africa) – South Africa offered a premium for selling Eurobonds just as investors are fleeing emerging-market assets. That it got a sale away at all is evidence of investors’ faith in the country’s new leadership, according to Manulife Asset Management Ltd. and Rand Merchant Bank. Africa’s most industrialized economy raised $2 billion from notes maturing in 2030 and 2048, and priced at 5.875 percent and 6.3 percent respectively, the National Treasury said in an emailed…

Tunisia’s Central Bank Holds Its Key Rate Amid High Inflation

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TUNIS (Capital Markets in Africa) – Tunisia’s central bank kept its benchmark interest rate unchanged, as high inflation complicates efforts to overhaul an economy that’s seen little in the way of foreign investment since its 2011 uprising. The decision to hold the rate at 5.75 percent came after Tunisia posted a stronger than expected 2.5 percent rise in economic growth in the first quarter of 2018, compared to 1.9 percent a year earlier. The annual inflation rate…

More Pain May Come for Nigeria’s Loss-Making Oil Behemoth

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LAGOS (Capital Markets in Africa) – It’s meant to be a cash cow, but the state oil company of Africa’s biggest producer is bleeding money. Nigerian National Petroleum Corp., the Abuja-based behemoth that dominates the OPEC member’s energy industry, has made losses for at least the last three years, statements on its website show. It will probably register another in 2018, according to Ecobank Transnational Inc., as its refineries and fuel-retailing arm fail to generate…

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