The Editorial Team |

South Africa Bonds Jump as Treasury Surprises With Auction Cut

JOHANNESBUGH (Capital Markets in Africa) – South African bond yields fell by the most in a month and the rand strengthened after the National Treasury said it will reduce the amount of debt sold at weekly auctions as the government’s borrowing requirement declines. While the government signalled last month it would curb bond issuance, the timing and size of the move caught traders by surprise. It was the latest tailwind for the country’s debt, which…

Profit Estimates Jump to Record for EM Banks as Scandals Ignored

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LAGOS (Capital Markets in Africa) – A $2 billion corruption scandal is rocking India’s banks. Russia has taken over some of its biggest private lenders, while Latvia’s No. 3 bank has been shut down amid U.S. money-laundering accusations. Added to that, Turkish financiers are under attack from Erdoganomics and warning signs are flashing for a Chinese bank crisis. Then, why have earnings estimates for developing-nation banks jumped to a record? Analysts have increased their weighted…

Old Mutual Listings on Track as Insurer Splits Businesses

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JOHANNESBURG (Capital Markets in Africa) – Old Mutual Plc said it’s on track to complete a plan to split into four financial services businesses by the end of this year. The U.K.-based insurance company is separating its wealth management, emerging markets, lender Nedbank Group Ltd. and U.S.-based OM Asset Management Plc units after concluding that the company traded at a discount to the value of its assets. Old Mutual, which was founded in South Africa more…

Goldman’s Patel Says Emerging-Market Stocks Are Best Bet (1)

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LAGOS (Capital Markets in Africa) – Emerging-market stocks are the world’s best investment after February’s rout cheapened valuations, according to Goldman Sachs Asset Management. Unlike previous market corrections, when developing nations suffered big outflows, clients have been adding more money to the riskiest assets, said Sheila Patel, the chief executive officer of International GSAM. That’s been a sound strategy during the past month as emerging-market stocks returned 3.1 percent, beating the 2.5 percent gain for U.S. peers….

What’s in a Name? Steinhoff Africa Turns Back on Parent

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JOHANNESBURG (Capital Markets in Africa) – Few can honestly claim to have never been embarrassed by their parents. Yet for Steinhoff Africa Retail Limited, there’s more at stake than just an awkward silence when an outdated remark falls flat. The continent’s biggest seller of clothing was left mortified in December, when majority shareholder Steinhoff International Holdings NV reported accounting wrong doing that wiped 90 percent off the parent company’s market value. STAR, as the South African retailer is…

Helios Towers Halts IPO Plans After Eaton Towers Deal Report

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LAGOS (Capital Markets in Africa) – Helios Towers Plc abandoned plans for an initial public offering following a report that it could merge with another telecommunications tower operator in Africa, Eaton Towers Ltd. A merger between the two could take place, given the scope for regional sector consolidation, Merger market reported on Wednesday, citing a person familiar with the situation and two industry advisers. Earlier talks to combine failed due to disagreement on valuation, yet…

IPO Buzz Grows in Egypt as Two More Companies Ready Share Sales

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CAIRO (Capital Markets in Africa) – The buzz around initial public offerings in Egypt is growing louder, with two more companies announcing plans for share sales. Investment bank CI Capital Holding said Thursday it intends to offer more than 40 percent of its capital on the Cairo stock market. BPE Partners is preparing to sell shares in its private equity investment company later this month, the firm’s founding partner said Wednesday. They join a growing line-up…

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