The Editorial Team |

Swaziland Could Be Next to Sell a Eurobond

SWAZILAND (Capital Markets in Africa) – Another African country is considering selling dollar debt — but its international debt market debut may be hindered by its economy is too small. Swaziland is debating whether to issue a Eurobond and should decide by January or February, Bheki Bhembe, principal secretary at the Finance Ministry, said by phone Tuesday. The problem is that the country would probably need to raise a minimum of $500 million if it were…

Matt Levine’s Money Stuff: Venezuelan Debt and Bitcoin Claims

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LAGOS (Capital Markets in Africa) – When a sovereign nation defaults on its debt, its creditors have two basic choices: Participate in the inevitable negotiations and accept restructured debt — probably with a substantial haircut — in exchange for their pre-default claims; or Hold out from the negotiations and engage in years of of time- and labour-intensive unpleasantness to try to enforce their original pre-default claims against the country. Most people usually go with option 1: Usually when…

Bitcoin’s Roller-Coaster Ride Cuts $38 Billion Before Reversal

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LAGOS (Capital Markets in Africa) – Bitcoin is proving that investing in digital currencies isn’t for the faint of heart. After plunging as much as 29 percent from a record high following the cancellation of a technology upgrade on Nov. 8, the largest cryptocurrency came roaring back in early trading Monday before fluctuating between gains and losses. “Crypto trading is not for the novice investor,” said John Spallanzani, chief macro strategist at GFI Securities LLC in New York….

South Africa Tests Investor Appetite in Biggest Bond Auction Yet

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s widening budget deficit is going to cost it. Just how much, the Treasury will find out when it holds its biggest auction yet of local-currency debt on Tuesday. Benchmark 10-year yields have climbed more than 60 basis points since Oct. 25, when Finance Minister Malusi Gigaba said the government will need to raise an additional 122 billion rand ($8.4 billion) of debt over the next three years to plug…

Oil Output Cuts `Only Viable Option’ for Market, OPEC Head Says

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LAGOS (Capital Markets in Africa) – The oil market is re-balancing at a quickening pace and production cuts are the “only viable option” to restore stability, OPEC Secretary-General Mohammad Barkindo said. The Organization of Petroleum Exporting Countries should decide at its meeting later this month whether or not to extend the cuts, United Arab Emirates Energy Minister Suhail Al Mazrouei said in a speech at a conference in Abu Dhabi. Neighbouring Oman backs prolonging the output limits beyond March and sees…

South Africa Budget Head Resigns Amid Education-Funding Spat

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JOHANNESBURG (Capital Markets in Africa) – The head of South Africa’s budget office, Michael Sachs, resigned amid speculation President Jacob Zuma is bypassing the National Treasury to implement plans for free university education. Sachs, who headed the office since November 2013, is the third senior Treasury official to leave since Zuma appointed Malusi Gigaba to replace Pravin Gordhanas finance minister in March. Sachs won’t be leaving immediately, “to ensure a proper handover to another senior official and to allow for…

Factions Threaten South Africa’s ANC Leadership Conference Plans

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s ruling party is battling to calm internal divisions that are threatening to disrupt preparations for its national conference next month as factions engage in a bitter fight over who will replace President Jacob Zuma as its leader. The African National Congress’s National Executive Committee decided on Monday to confirm the leadership of the Eastern Cape province after a disputed conference in that region in September, according to two…

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