The Editorial Team |

Kenya Hires StanChart, Citigroup, RMB for $800 Million Syndicated Loan

NAIROBI (Capital Markets in Africa) – Kenya’s government mandated four international banks to raise $800 million in syndicated loans that authorities need to boost foreign-currency reserves and plug a widening budget deficit, according to two people familiar with the agreement. The East African nation’s Treasury informed the Nairobi-based units of Citigroup Inc., Standard Bank Group Ltd., Standard Chartered Plc and Rand Merchant Bank on Tuesday that they were appointed to arrange the financing, the people said, asking not to be identified…

MTN May Put Off Nigeria Listing Until 2018 as Barriers Persist

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LAGOS (Capital Markets in Africa) – MTN Group Ltd. may put off plans to list its Nigerian operation until 2018 as Africa’s largest wireless carrier works to resolve a regulatory dispute and awaits an economic recovery in the continent’s most populous country. “It’s a work in progress and hopefully within the 12 to 18 month period we will be able to do it,’’ MTN Chairman and Acting Chief Executive OfficerPhuthuma Nhleko said at the annual meeting of…

Nigeria raises local currency bonds at yields below inflation

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LAGOS (Reuters) – Nigeria has raised 214.95 billion naira ($704.18 mln) in local currency bonds at its first auction this year, with the debts sold at yields below galloping inflation, the Debt Management Office said on Thursday. Though yields were higher than at its last auction in December, the debt office said it received subscription of 235.05 billion naira for the bonds at the auction held on Wednesday. Annual inflation in Nigeria climbed to a…

Africa’s Biggest Bank Chasing Nigerian Deals After Oil Slump

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LAGOS (Capital Markets in Africa) – The crisis in Nigeria is throwing up opportunities for Africa’s largest bank. FirstRand Limited, which is seeking an acquisition of mid-sized lender in the continent’s most populous nation, is also considering one other target after ending talks with two lenders because of differences over price, Chairman Laurie Dippenaar said. The Johannesburg-based company would prefer an institution with a big branch network, though is unlikely to buy any of the country’s large banks,…

Billionaire Agarwal Says His Anglo American Approach Made Sense

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JOHANNESBURG (Capital Markets in Africa) – Anil Agarwal, the Indian billionaire owner of Vedanta Resources Plc, said a proposed tie up between his Hindustan Zinc Ltd. unit and rival miner Anglo American Plc would have been a good match. Anglo rebuffed informal approaches from Agarwal in the first half of last year when he contacted it to discuss potential ideas including a combination with the Indian zinc miner he controls through Vedanta, people familiar with the…

Kenya Central Bank Expects Current-Account Gap to Stabilize

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NAIROBI (Capital Markets in Africa) – Kenya’s current-account deficit will stabilize after shrinking last year as the currency strengthens, exports increase, tourism improves and remittances climb, central bank Governor Patrick Njoroge said. The gap probably narrowed to 5.2 percent of gross domestic product in 2016 from 10.4 percent 1 1/2 years earlier, he said in an interview Thursday in Davos, Switzerland. The bank will continue to intervene to slow the shilling’s depreciation and appreciation, trying to smooth…

Mozambique Bondholders Lay Down Terms Ahead of Restructuring

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MAPUTO (Capital Markets in Africa) – A group of key Mozambique bondholders laid down terms to the embattled government ahead of restructuring talks, calling on it to revoke guarantees on loans taken on by two state-owned companies. The southeast African nation, which defaulted on its only Eurobond in January, should also liquidate the two firms — ProIndicus and Mozambique Asset Management — as well as a third, a tuna-fishing company known as Ematum, the so-called Global…

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