The Editorial Team |

Investors Flock to Nigeria Eurobonds, But Won’t Touch the Naira

LAGOS (Capital Markets in Africa) – Nigeria’s oversubscribed Eurobond on Wednesday showed that investors will flock to the country’s dollar assets. But when it comes to naira ones, they’re staying well away. Nigeria got around $3 billion of orders for its $500 million of notes, according to a person familiar with the matter, who asked not to be identified. High demand for the deal, a tap of an existing $1 billion bond due in 2032, allowed bookrunners…

South Africa Central Bank Signals End of Rate-Increase Cycle

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JOHANNESBURG (Capital Markets in Africa) – The South African Reserve Bank held its benchmark rate unchanged for a sixth straight meeting and said it may have reached the end of its policy-tightening cycle, even as the rand remains a risk to inflation. Five of the six Monetary Policy Committee members voted to keep the repurchase rate at 7 percent, and one favoured a 25 basis-point cut, Governor Lesetja Kganyago told reporters Thursday in the capital, Pretoria. The decision…

Bank of Ghana Governor Issahaku Resigns After Year in Post

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ACCRA (Capital Markets in Africa) – Bank of Ghana Governor Abdul Nashiru Issahaku tendered his resignation after a year in the job and three months after the president who appointed him lost power. Issahaku, 55, will leave the post for “personal reasons,” he said in a text message on Thursday. He was appointed governor in April by former PresidentJohn Dramani Mahama, whose National Democratic Congress lost the December election to the New Patriotic Party led by President Nana Akufo-Addo….

Hedge-Fund Owner Peregrine Considers Split to Boost Returns

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JOHANNESBURG (Capital Markets in Africa) – Peregrine Holdings Ltd., the operator of South Africa’s oldest hedge fund, is considering a plan to split the company by using profits from its stockbroking and wealth-management units to create a new investment firm. The stock surged the most in a year. The company, which also owns half of advisory business Java Capital, has about 1.5 billion rand ($115 million) of surplus cash on its balance sheet that could be…

IFC and OFID Invest in Metalco to Boost Manufacturing in Zambia

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LUSAKA (Capital Markets in Africa) — International Finance Corporation, a member of the World Bank Group, and the OPEC Fund for International Development (OFID) today announced an investment of $10 million each in Metalco Industries Company Limited, a Zambian company that recycles metal scrap to manufacture copper cables, lead-acid batteries, aluminum sheets and utensils. Metalco will use the new capital to upgrade environmental standards, expand operations, create over 250 new jobs and support the local…

War-Ravaged South Sudan Draws $500 Million Oranto Oil Bet

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LAGOS (Capital Markets in Africa) – Nigeria’s Oranto Petroleum International Ltd. plans to bet half a billion dollars that Africa’s newest nation can end a three-year civil war and create the conditions to revive its oil industry. Oranto, a closely held company part-owned by the Eze family that also has assets in Equatorial Guinea and Nigeria, plans to invest $500 million to develop the oil block awarded by South Sudan earlier this month. “We have faith that the differences in…

Zambia, Zimbabwe to Sell $440 Million Stake in Hydro Project

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LUSAKA (Capital Markets in Africa) – Zambia and Zimbabwe plan on selling $440 million in equity stakes in the hydropower plants that form the centerpiece of the proposed $4 billion dam that will straddle their border. This is according to a document published by Ernst & Young Advisory Services Pty Ltd., the countries’ adviser. The Batoka Gorge hydropower project on the Zambezi river between the Kariba dam and Victoria Falls, will produce 2,400 megawatts of power once complete…

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