The Editorial Team |

Kenya Requests Extension on Repayment of $750 Million Loan

NAIROBI (Capital Markets in Africa) – Kenya has repaid 10 percent of a $750 million two-year syndicated loan that was due in October and asked creditors to give the government until April to pay the rest, Treasury Secretary Henry Rotich said. East Africa’s biggest economy secured the loan from Citigroup Inc., Standard Bank Limited and Standard Chartered Plc in October 2015. It intended to return the cash using the proceeds of a Eurobond that’s yet to be sold, Rotich told reporters Tuesday…

South African Airways Seeks Investor to Revive Its Fortunes

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JOHANNESBURG (Capital Markets in Africa) – South African Airways will revive a plan to seek an equity partner that’s able to provide cash and operational savings to help turn around the state airline, according to its new chief executive officer. A strategic investor would ideally come from within the aviation industry, CEO Vuyani Jarana, 47, said in an interview at Bloomberg’s Johannesburg office on Monday. That will enable unprofitable SAA to share costs, improve customer service…

Ghana Misses $816 Million Bond Target After Extended Bidding

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ACCRA (Capital Markets in Africa) – Ghana missed its target to sell 3.6 billion cedis ($816 million) of non-sovereign bonds to settle the debt of energy utilities as demand for the securities fell short even after the offer was extended by a week. The West African nation placed 2.3 billion cedis of the 10-year bonds at 19.5 percent after receiving 2.8 billion cedis in bids demanding a yield of as much as 20 percent, joint deal…

Togo Agrees to Talks With Opposition After Two-Month Protest

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LOME (Capital Markets in Africa) – Togo is preparing to hold talks with opposition parties in the West African nation after two months of protests that left several people dead, government spokesman Ihou Yao Atigbe said in a statement he read on state-owned Television TVT. The government also announced the release of 42 opposition supporters arrested during the protests in September and October. “The government therefore hopes that all this will lead the political parties…

Bitcoin Rally Is Eroding Gold’s Appeal, Top Online Vaulter Says

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LAGOS (Capital Markets in Africa) – Bullion’s rally faltered in the past two months as the dollar strengthened and global equities set new records, while concerns over Brexit and Catalonia’s push for independence failed to drum up notable haven demand. Now, bitcoin’s surge is attracting investor interest toward the cryptocurrency and away from the metal, the biggest online vaulting service said. According to Google Trends, global searches for “buy bitcoin” have overtaken “buy gold” after previously exceeding searches…

Credit Suisse Among Banks Probed on Mozambique, WSJ Reports

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MAPUTO (Capital Markets in Africa) – U.S. authorities are investigating Credit Suisse Group AG, BNP Paribas SA and VTB Group for their roles in selling about $2 billion of bonds for Mozambique, the Wall Street Journal reported, citing unidentified people familiar with the matter. The Federal Bureau of Investigation is examining whether the banks facilitated corruption by enabling officials from the African nation to take money raised in the debt sales, the newspaper reported. The Justice Department…

Praet’s Cautious Approach to ECB Bond Buying Attracts Doubts

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LONDON (Capital Markets in Africa) – The European Central Bank’s ultra-cautious approach to removing stimulus triggered varying reactions, including a defense by chief economist Peter Praet and criticism from one of his former colleagues. Addressing a workshop in Frankfurt on Monday, Praet argued that the Governing Council’s decision to keep quantitative easing open-ended was appropriate as inflation in the 19-nation euro region remains subdued. For Francesco Papadia, a former director general for market operations at the ECB, officials had…

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