The Editorial Team |

Egypt Picks JPMorgan, Natixis, Citi and BNP to Manage Bond Sale

CAIRO, Egypt, Capital Markets in Africa: Egypt picked four banks to manage a dollar bond issuance planned for 2016, part of the government’s efforts to raise $21 billion over three years to shore up reserves and end a crippling currency shortage. JPMorgan Chase & Co., Citigroup Inc., BNP Paribas SA and Paris-based Natixis SA will oversee the sale, the finance ministry said in a statement on its website. Egypt plans to sell $3 billion to $5 billion in international…

Nigeria oil min says OPEC cuts unlikely, Algeria meeting could help price

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LAGOS, Nigeria, Capital Markets in Africa: Nigerian oil minister Emmanuel Ibe Kachikwu said on Thursday that while a cut in OPEC production is unlikely, there is hope a meeting of producers in Algeria next month could help shore up crude prices. Kachikwu also said in a speech in Lagos that his country’s oil output had fallen to 1.56 million barrels per day (bpd) as persistent militant attacks took out some 700,000 bpd. But he cast…

Nigeria’s Buhari says monetary policy alone not enough to expand economy

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ABUJA, Nigeria, Capital Markets in Africa: Nigeria will need to combine monetary policies with fiscal and structural policies in order to overcome its worst economic crisis in decades and return to growth, President Muhammadu Buhari said on Thursday. Nigeria is in the middle of its worst crisis in decades as a slump in oil revenues hammers public finances and the naira. Gross domestic product shrank in the first quarter and the central bank governor has…

Investors Bet Vote Dispute Won’t Derail Zambia’s IMF Bailout

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LUSAKA, Zambia, Capital Markets in Africa: Investors are betting disputed elections in Zambia won’t derail the government’s plans to secure an International Monetary Fund bailout that could exceed $1.2 billion and is needed to top up foreign reserves. The Finance Ministry announced in April that it hoped to finalize an IMF aid program for Africa’s second-biggest copper producer by the end of the year. Preliminary talks were put on hold until after Aug. 11 elections, which…

Mozambique Agrees to Provincial Devolution, Renamo Says

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MAPUTO, Mozambique, Capital Markets in Africa: Mozambique’s government has agreed to make constitutional changes that will allow the main opposition party to govern in six provinces where it won more votes than the ruling party in elections in 2014, a Renamo spokesman said. The Mozambique National Resistance, or Renamo, has been battling to win concessions on provincial devolution in central and northern regions. The ruling Front for the Liberation of Mozambique, or Frelimo, has used its majority to…

African Eurobond | Aberdeen Sees Opportunity for Kenya to Tap Eurobond Market

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NAIROBI, Kenya, Capital Markets in Africa: With yields on its existing dollar debt near a record low and global investors clamoring for returns, Kenya should seize the opportunity to wade into the Eurobond market for the second time in two years, according to Aberdeen Asset Management Plc. East Africa’s biggest economy will borrow 462 billion shillings ($4.5 billion) from external lenders this fiscal year to help a plug a widening budget deficit, according to budget…

Nestle Nigeria Sees Margins Pressured as Inflation Weighs

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LAGOS, Nigeria, Capital Markets in Africa: Nestle Nigeria Plc, a unit of the world’s biggest food company, will struggle to maintain profit-margin growth in 2016 as the highest inflation in nearly 11 years and a lack of foreign currency stalls the economy in Africa’s most populous country. “We haven’t seen the bottom” of the downturn, Chief Executive Officer Dharnesh Gordhon, 51, said in an interview in the commercial capital, Lagos, on Aug. 10. A shortage of…

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