The Editorial Team |

The Role of Commercial Debt In Infrastrcuture Funding

LAGOS (Capital Markets in Africa) – It is without a doubt that innovative, consistent, funding sources are needed to fill the estimated circa USD93 billion annual African public infrastructure shortfall over the next decade in rail, road, port, water, and power infrastructure across the continent. A lot has been written about the state of existing infrastructure and the lack of new investment and maintenance which has led to the slow and meagre generation of GDP…

Aspen Tumbles as Drugmaker Faces Pressure From Pricing Probe

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JOHANNESBURG (Capital Markets in Africa) – Aspen Pharmacare Holdings Ltd. fell the most in more than a month after The Times of London reported that Africa’s biggest maker of generic drugs is in a dispute with Spanish authorities over proposed price increases on some cancer treatments. Employees at the Durban, South Africa-based company discussed destroying a stock of cancer drugs in Spain if a demand to raise prices by as much as 4,000 percent wasn’t met,…

Ecobank Tumbles With Shareholder Nedbank After Record Loss

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LAGOS (Capital Markets in Africa) – Pan-African lender Ecobank Transnational Inc. said it made a record pretax loss of $131 million last year, pushing its shares down along with those of Nedbank Group Ltd., its biggest stockholder. Ecobank fell 5 percent to 7.79 naira in Lagos, the lowest since 2009. Nedbank, South Africa’s fourth-largest lender by assets and owner of about one-fifth of Ecobank shares, declined 4.8 percent to 221.45 rand, the most among its local banking peers….

Sibanye to Raise $2 Billion in Equity, Debt for Stillwater Deal

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JOHANNESBURG (Capital Markets in Africa) – Sibanye Gold Limited plans to raise $1 billion from shareholders and a further $1 billion in debt, most likely bonds, to pay for the acquisition of Colorado-based Stillwater Mining Co. The funds will be raised by the middle of this year and will help repay a $2.65 billion bridge loan from a group of banks, Westonaria, South Africa-based Sibanye said in a statement Tuesday. The remainder of the loan will be repaid…

Zambia Seeks IMF Deal of as Much as $1.6 Billion This Month

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LUSAKA (Capital Markets in Africa) – Zambia, Africa’s second-largest copper producer, plans to reach an aid deal for as much as $1.6 billion with the International Monetary Fund by the end of April, Finance Minister Felix Mutati said. Bond yields fell. “At the moment we know that we can get up to $1.6 billion — if you ask me, I’d go for the maximum,” he said in an interview Monday in the capital, Lusaka. “Hopefully the program…

Tunisia central bank to steadily weaken dinar, finance minister says

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TUNIS (Capital Markets in Africa) – Tunisia’s central bank will reduce its interventions so the value of the dinar steadily declines, but it will prevent a dramatic slide in the currency, the finance minister said on Tuesday. The strategy is part of Tunisia’s talks on reforms with the International Monetary Fund. The IMF is pushing Tunisia to overhaul its finances and reduce public spending, especially public-sector wages, where spending is among the highest in the…

Foreigners Lapping Up Egypt’s Growing Supply of Cheap Debt

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CAIRO (Capital Markets in Africa) – A flood of new issuance is offsetting foreign-investor demand for Egyptian debt, keeping yields among the highest in emerging markets. Offshore investors boosted holdings of government Treasury bills to 79 billion pounds ($4.4 billion) as of April 4, compared with less than 1 billion pounds before a currency devaluation in November, according to Finance Ministry data. Government borrowing is already 11 percent higher than the target this year, and…

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