The Editorial Team |

Mozambique Gas Company ENH Hires Lazard to Raise $2 Billion

MAPUTO (Capital Markets in Africa) – Mozambique’s national oil company appointed Lazard Frères SAS and Lion’s Head Global Partners as advisers to help raise as much as $2 billion to refinance its portions of two gas-development projects. Empresa Nacional de Hidrocarbonetos EP will begin a roadshow next month to regions including Asia, the Middle East and South Africa, Chairman Omar Mitha said in an interview. Lazard will advise ENH on refinancing its portion of the project…

Hacked Crypto Exchange Earned $490 Million Before Epic Heist

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LAGOS (Capital Markets in Africa) – Running a cryptocurrency exchange can be enormously profitable — so long as you don’t lose your clients’ assets to hackers. Japan-based Coincheck Inc., which suffered one of the biggest heists in history, earned 53.2 billion yen ($490 million) from April 2017 through January, when the theft occurred, according to its new owner Monex Group Inc. By comparison, Japan Exchange Group, which owns the Tokyo Stock Exchange and Osaka Exchange, earned 66.1…

Falling Rates Prompt Egypt Debt Shift With Bond Issues to Jump

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CAIRO (Capital Markets in Africa) – Egypt is considering shifting away from costly short-term domestic debt towards longer-term borrowing, as falling interest rates provide cheaper options to finance its fiscal deficit, according to the nation’s finance minister. It will increasingly rely on five- to seven-year bonds instead of Treasury bills that have shorter maturities and currently make up the bulk of local-currency borrowing, Amr El-Garhy said in an interview in Washington, where was attending spring…

Madagascans Protest New Electoral Law as President Warns of Coup

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LAGOS (Capital Markets in Africa) – Hundreds of opposition demonstrators took to the streets of Madagascar’s capital to protest a deadly crackdown on an anti-government rally, as the country’s president warned of a coup plot. The protesters gathered in the city’s main square two days after five people died when security forces fired on people demonstrating against the country’s new electoral laws, Agence France-Presse reported, citing unidentified organizers of the rally. President Hery Rajaonarimampianina warned in an…

Zuma Legacy Leaves South African Anti-Graft Panel With Huge Task

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JOHANNESBURG (Capital Markets in Africa) – A South African judicial commission faces a daunting task in investigating allegations that members of the Gupta family and their allies connived with former President Jacob Zuma and his son Duduzane to loot billions of rand from state coffers. Its success or failure will go a long way in determining whether South Africa can put behind it years of mismanagement and plunder during Zuma’s scandal-ridden administration that undermined investor confidence and…

The Best-Performing Emerging Market Readies a New Eurobond

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LAGOS (Capital Markets in Africa) – Angola, whose Eurobonds have outperformed those of all its emerging-market peers this year, is readying a new dollar transaction to take advantage of higher oil prices and a new program with the International Monetary Fund. The OPEC member plans to issue at least $2 billion of debt in international markets next month, Portuguese news agency Lusa reported on April 22, citing Finance Minister Archer Mangueira, who was scheduled to meet…

Zimbabwe Massacre `Unresolved National Question,’ Biti Says

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HARARE (Capital Markets in Africa) – Zimbabwe needs to establish a system of national reconciliation to heal the wounds left by the 1980s massacre that killed 20,000 people and other violent incidents since independence if it’s to unify the southern African nation, prominent opposition leader Tendai Biti said. No one has been held to account for the massacre of members of the Ndebele minority by a North Korean-trained Zimbabwean military unit in a program known in the…

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