The Editorial Team |

Carlyle Said to Halt Talks With Diamond on Barclays Africa Bid

Johannesburg, Capital Markets in Africa: Talks between Carlyle Group LP and Bob Diamond’s Atlas Merchant Capital LLC about a joint bid for Barclays Plc’s African unit have stalled, people with knowledge of the matter said. Carlyle executives are concerned that Barclays might be reluctant to sell its stake in Barclays Africa Group Ltd. to a consortium including Diamond, who led the London-based bank until 2012, and that regulators would block a sale to a private-equity firm, said one of the people, who requested anonymity…

INTO AFRICA September Edition: AFRICA in 2016: The Journey So far!

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LAGOS, Nigeria, Capital Markets in Africa: Welcome to the September edition of INTO AFRICA, a publication with fresh insight into Africa’s emerging capital markets. This edition reviews Africa’s economies in the first half of 2016, hence its title: Africa in 2016: The Journey So far! Please download by clicking: INTO AFRICA PUBLICATION: SEPTEMBER EDITION. After a prolonged period of strong economic growth, Sub-Saharan Africa (SSA) is set to experience a second difficult year as the region is hit by…

Ghana Eurobond Return More Than Five Times Oversubscribed

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ACCRA, Ghana, Capital Markets in Africa: Ghana raised $750 million selling Eurobonds at a yield of 9.25 percent in an auction that was more than five times oversubscribed, a month after abandoning plans to issue debt due to the price demanded by investors. Yields on the nation’s existing dollar bonds fell to 14-month lows. The country received orders exceeding $4 billion for the bond that will be repaid in three equal installments between September 2020 and…

South African Rand Leads Currency Declines as Liquidity Dwindles

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JOHANNESBURG, Capital Markets in Africa: South Africa’s rand fell the most in more than two weeks against the dollar, leading global currency losses amid lingering political risks and as central banks signaled they are starting to question further monetary easing. The rand declined 1.9 percent to 14.3946 per dollar by 3:38 p.m. in Johannesburg, heading for the biggest drop since Aug. 23, after a police unit summoned Finance Minister Pravin Gordhan to answer to charges related to alleged irregularities…

South Africa’s Rand Hedges Offer Refuge as Aeon Readies for S. Africa Downgrade

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JOHANNESBURG, South Africa: South African money manager Aeon Asset Management is preparing for a potential downgrade in the country’s sovereign debt rating by buying stocks expected to perform the best when the rand weakens. Naspers Ltd., the media company that is Africa’s most-valuable, and packaging maker Mondi Ltd. are Aeon’s biggest stock holdings, Chief Investment Officer Asief Mohamed said Thursday in an interview in Cape Town. The companies have assets or operations that offset the effect of declines in the…

Equatorial Guinea Economy Seen Weaker by IMF as Oil Output Drops

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MALABO, Capital Markets in Africa: Equatorial Guinea’s economy will contract further this year due to falling oil output and low crude prices, the International Monetary Fund said. The outlook for the central African oil producer is “very challenging,” the fund said in a statement late Thursday. “Weak oil revenues and limited buffers will require further cuts to public investment, leading to a deep contraction of the large construction sector and public administration,” the statement said. “As…

Nigeria’s Biggest Miller Says Firms Face Huge Challenges

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LAGOS, Capital Markets in Africa: Flour Mills of Nigeria Plc, the country’s biggest miller by market value, said manufacturers in Africa’s most populous country are finding profits under pressure from a fall in crude prices, a weak naira and rising input costs. “Taken together, these factors have contributed to a perfect storm,” Chairman John Coumantaros told investors at a meeting in the commercial hub, Lagos, on Thursday. Flour Mills was able to “offset the impact” of…

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