The Editorial Team |

African Lender Mulls U.S. Bond Sale to Fund Trade Financing

DAR ES SALAAM (Capital Markets in Africa) – Trade & Development Bank, a trade financier with operations in 21 African countries, will hold an investor roadshow in the U.S. next year to prepare for a possible Eurobond sale, Chief Executive Officer Admassu Tadesse said. TDB completed a promotional campaign in Gulf states last month, where it’s in the process of finalizing $200 million of funding, Tadesse said in an interview Thursday at his office in the…

Want to Know What Investors See for the Rand? Follow This Stock

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JOHANNESBURG (Capital Markets in Africa) – If you want to know what investors are thinking about prospects for South Africa’s rand as the ruling African National Congress’ leadership battle unfolds, look no further than Cie Financiere Richemont SA’s Johannesburg share price. The company has the highest correlation to movements in the rand among stocks in the FTSE/JSE Africa Top 40 Index of South Africa’s biggest listed companies, according to data compiled by Bloomberg. The correlation this month rose…

Telkom Says Government Has Identified Potential Buyers of Stake

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DAR ES SALAAM (Capital Markets in Africa) – Telkom SA SOC Ltd. executives have met with South African government officials to discuss plans to sell a 39 percent state-owned stake and were told that potential buyers have been identified. “They have communicated that they have identified a buyer or buyers to sell to,” Telkom Chief Executive Officer Sipho Maseko said in an interview in Pretoria on Friday. “The sale will most likely be done through a private placement.”…

Moody’s downgrades IHS Netherlands rating to B2

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LAGOS (Capital Markets in Africa) – Moody’s Investors Service, has today downgraded IHS Netherlands Holdco B.V.’s (IHS) corporate family rating (CFR) to B2 from B1. At the same time, IHS probability of default rating was downgraded to B2-PD from B1-PD. The company’s $800 million 9.5 % senior unsecured guaranteed notes due 2021 were downgraded to B1 from Ba3. The outlook on the ratings is stable. The downgrades follow Moody’s downgrade of Nigeria’s sovereign rating to…

Bitcoin dives below $7,000

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LAGOS (Capital Markets in Africa) – Bitcoin has been on a wild ride since a plan to help the red-hot coin scale was scraped. Backers of the so-called Segwit2x proposal were considering to split from bitcoin’s main blockchain network, but power-brokers behind the plan called off their support for the upgrade on Wednesday. That mean’s the network will remain intact — at least for now. Initially, the news sent bitcoin up near $7,900 per coin. Since then, however, it has tanked close to…

South Africa Central Bank Has Little Policy Space to Boost Growth

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JOHANNESBURG (Capital Markets in Africa) – South Africa has limited space for counter-cyclical monetary policy to support economic expansion because inflation risks have increased, central bank Governor Lesetja Kganyago said. The balance of risks for growth in consumer prices is “on the upside,” with the rand weakening against the dollar, a higher oil price, and a chance that power prices will increase, he said in an interview Friday in New York with Bloomberg TV. The Monetary Policy…

Analyst says 94% of bitcoin’s price movement over the past four years can be explained by one equation.

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LAGOS (Capital Markets in Africa) – Tom Lee, cofounder of FundStrat Global Advisors, is bullish on bitcoin and has a unique way of valuing the cryptocurrency. His short-term valuation model is built on Metcalfe’s law, and he says it can explain the vast majority of bitcoin’s volatility. He explained his reasoning to Business Insider on our cryptocurrency show, “the bit.” Metcalfe’s law basically says that the value of a network is proportional to the square of…

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