The Editorial Team

Angola Eurobonds Surge as Moody’s Lifts Ratings For First Time

LUANDA (Capital Markets in Africa) – Angola’s bonds surged after Moody’s Investors Service raised the country’s credit rating for the first time, citing improved governance and debt metrics. The company upgraded its assessment of Africa’s second-largest oil producer by one level to B3 from Caa1, it said in a statement on Monday. It was the first time since Moody’s initial evaluation in 2015 that the rating was increased, according to data compiled by Bloomberg. “If any country out there…

Glencore Trader Turns On Colleagues in Massive Africa Bribe Case

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LAGOS (Capital Markets in Africa) – When Anthony Stimler left Glencore Plc in August 2019, he had two big secrets: For a dozen years, he’d paid millions in bribes to African officials and intermediaries. And he was now helping a U.S. Justice Department investigation into the company and numerous former colleagues. Corruption isn’t exactly unheard of in the extraction and trading of commodities, especially in the developing world. But details of Stimler’s cooperation deal, obtained…

South Africa Cabinet Ministers Meet to Discuss Economic Recovery

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s government met Tuesday to discuss how to accelerate the country’s economic recovery and consider the most feasible way to provide further welfare grants. The ruling African National Congress has agreed in principle on the need for a basic income grant and the government is now considering the most sustainable way to implement it, Minister in the Presidency Mondli Gungubelesaid in remarks broadcast on television broadcaster Newzroom Afrika. Finance…

Pandemic’s Next Six Months Will Pit Vaccines Against Variants

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LONDON (Capital Markets in Africa) – For anyone hoping to see light at the end of the Covid-19 tunnel over the next three to six months, scientists have some bad news: Brace for more of what we’ve already been through. Outbreaks will close schools and cancel classes. Vaccinated nursing home residents will face renewed fears of infection. Workers will weigh the danger of returning to the office as hospitals are overwhelmed, once again. Almost everyone…

Coinbase Plans to Raise $1.5 Billion From Debut Bond Sale

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LAGOS (Capital Markets in Africa) – Coinbase Global Inc., the biggest cryptocurrency exchange in the U.S., is looking to raise $1.5 billion in a debut bond offering, according to a statement Monday. Goldman Sachs Group Inc. is managing the sale from its high-yield syndicate desk and may price the deal as soon as Tuesday, according to a person with knowledge of the matter. The bonds will mature in seven and 10 years, and a call with investors…

US House Democrats Float 26.5% Top Corporate Rate in Tax Blueprint

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NEW YORK (Capital Markets in Africa) – House Democrats on Monday released a package of tax increases that falls short of President Joe Biden’s ambition, an acknowledgment of how politically precarious the White House’s $3.5 trillion economic agenda is for party moderates. The Democratic proposal from the Ways and Means Committee would raise the top corporate tax rate from 21% to 26.5%, less than the 28% Biden had sought. The top rate on capital gains would rise…

Why the U.S. Navy Is Hunting Pirates in Africa: James Stavridis

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LAGOS (Capital Markets in Africa) – The Hershel “Woody” Williams, a massive warship the U.S. Navy calls an “expeditionary sea base,” is now off the west coast of Africa as part of a multinational exercise in countering piracy. Nearly 800 feet long and topped with a flight deck for helicopters, the Williams can provide tremendous logistical support — fuel, stores, spare parts — while remaining at sea almost indefinitely, because it has two separate crews…

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