The Editorial Team |

Nigeria Plans $2.5 Billion Eurobond Sale in First Quarter

LAGOS (Capital Markets in Africa) – Nigeria may sell $2.5 billion of Eurobonds in the first quarter to refinance domestic debt and wants to start talks with JPMorgan Chase & Co. about being reinstated in its local-currency emerging-market bond index, according to a government official. The issuance would complete a dollar-debt program that started with selling $3 billion of Eurobonds in November, said Debt Management Office Director-General Patience Oniha. The yield on dollar bonds due November 2027 have…

Kenyan Opposition Says It Has Evidence Odinga Won Election

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NAIROBI (Capital Markets in Africa) – Kenya’s opposition National Super Alliance said it has evidence that former Prime Minister Raila Odinga won the nation’s Aug. 8 presidential election. The alliance has a document containing “authentic, unpolluted, unadulterated” data that shows Odinga and his running mate, Kalonzo Musyoka, were the legitimate winners of the vote, Nasa Senator James Orengo told reporters Friday in the capital, Nairobi. Odinga garnered 8.1 million ballots in the vote, compared with 7.9 million for incumbent President Uhuru…

Central Bank in Top African Bitcoin Market Warns of `Gamble’

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LAGOS (Capital Markets in Africa) – The central-bank governor of Nigeria, where bitcoin trading grew the most in Africa last year, said investing in the cryptocurrency is a “gamble” and hinted it may have to be regulated. “Cryptocurrency or bitcoin is like a gamble, and there is a need for everybody to be very careful,” Central Bank of Nigeria Governor Godwin Emefiele said in an interview on Wednesday at his office in the capital, Abuja. “We cannot as a…

Moody’s changes outlook on Zambia’s B3 rating to stable from negative, affirms rating

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London (Capital Markets in Africa) – Moody’s Investors Service, (“Moody’s”) has today changed the rating outlook for the Government of Zambia to stable from negative and affirmed its B3 long-term issuer rating. The stable outlook reflects reduced government liquidity pressures and a slowdown in government debt accumulation which Moody’s expects to continue. The B3 rating balances a strong growth potential boosted by ample natural resources and a young and growing population against continuing credit challenges…

Africa Prefers Fair Trade to Marshall Plans – Nigerian VP Osinbajo

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DAVOS, Switzerland, January 25, 2018/ — Remarks by His Excellency, Prof. Yemi Osinbajo, SAN, GCON, The Vice President of The Federal Republic of Nigeria, at an Interactive Session Titled “Stabilizing The Mediterranean” at the World Economic Forum in Davos, Switzerland, on Wednesday, 24 January, 2018: Q: How realistic is Africa replacing China as the factory of the world, how realistic is that? How do you look at the Marshall plan for Africa, is it something…

State Bank of Mauritius (SBM) – Fusion Capital Analysis

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NAIROBI (Capital Markets in Africa) – Fusion Capital has carried a detailed analysis of the State Bank of Mauritius (SBM) as we believe this is critical to both depositors and public at large. Following is a summary of the analysis. SBM Holdings ‘SBM’ was founded in 1973 by the Government of Mauritius and was listed in the Stock Exchange of Mauritius ‘SEM’ in 1995. The Bank is engaged in banking, non-banking financial services and non-financial…

Matt Levine’s Money Stuff: Crypto Finance Meets Regular Finance

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LAGOS (Capital Markets in Africa) – Yesterday I casually suggested that the ideal thing to turn into a smart contract on the blockchain is an interest-rate swap: It’s just a series of exchanges of money, with no need to do anything in the real world, so it is easy to encode in computer instructions. But one reader correctly objected that the real meat of an interest-rate swap as a contract is its credit terms. An interest-rate swap is an unfunded way to get interest-rate…

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