The Editorial Team |

Private Equity: Norfund, FMO and Rabobank join forces and invest in financial institutions to support growth in Africa

LAGOS, Nigeria, Capital Markets in Africa: Norfund, FMO and Rabobank have entered into a partnership to reaffirm their long-term commitment to Africa’s future development, growth potential, and the local financial sector. The partners are committed to strengthening and develop effective, inclusive financial systems in Africa. It is also envisioned that Banco Montepio, a financial group based in Portugal with banking investments in Africa, will join the partnership in the near future. The partners currently hold…

Egypt’s $12 Billion IMF Talks: A Guide to What to Expect

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CAIRO, Egypt, Capital Markets in Africa: Egyptian officials are holding talks in Cairo with the International Monetary Fund over a loan to help finance the government’s economic program. Egypt is seeking $12 billion over three years. The most-populous Arab country has had a tumultuous relationship with the IMF since the 2011 uprising that ousted Hosni Mubarak, turning down two initial loan accords. Some of the topics likely to be discussed — new taxes, cuts to…

Standard Chartered Climbs as Impairment Drop Signals Turnaround

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Johannesburg, South Africa, Capital Markets in Africa: Standard Chartered Plc rose as much as 5.7 percent in London trading as first-half loan impairment charges fell by a third, showing further progress in Chief Executive Officer Bill Winters’s plan to turn around the bank. The shares were up 5.3 percent at 11:01 a.m. in London, after provisions for bad loans declined to $1.1 billion in the first half, below the $1.56 billion Citigroup Inc. analysts had estimated. Operating costs…

Citi Sees Oil Bears ‘Gone Wild’ at $40 as Outages to Persist

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LAGOS, Nigeria, Capital Markets in Africa: While oil bears go “wild” at crude’s retreat to $40 a barrel, there’s some comfort on the way for the bulls, according to Citigroup Inc. As prices plunge and are pulled below support levels amid concerns over swelling global stockpiles, some supply disruptions including those in Nigeria are set to persist and crude at $40 a barrel may spur demand, according to a report from the bank dated Aug. 2. Crude has declined since…

Ghana Pitches Eurobond to Investors Just as Costs Rise

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ACCRA, Ghana, Capital Markets in Africa: Ghana’s latest plan to sell Eurobonds is starting to unravel. As the West African nation markets its fifth sale of dollar securities in nine years, its bonds are faltering as investors fret about the government’s commitment to fiscal targets in an election year. Ghana’s $1 billion of bonds due 2023 have tumbled, pushing yields up by 75 basis points since July 22 to 10.4 percent on Tuesday, compared with a 48…

Kenya Bank Profits Drop First Time in 16 Years on Costs

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NAIROBI, Kenya, Capital Markets in Africa: Kenya’s banking industry last year recorded the first decline in profit since 1999 as costs outpaced income in the wake of two failures and more onerous regulations. Pretax profit across the sector declined 5 percent to 134 billion shillings ($1.3 billion) in the 12 months through December, according to the central bank’s Bank Supervision Report, released in the capital, Nairobi, on Tuesday. That came as a 16 percent increase in…

Egypt Ministry Seeks Bank Proposals for 2016 Dollar Bond Sale

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CAIRO, Egypt, Capital Markets in Africa: Egypt requested proposals to issue dollar bonds in 2016, part of its efforts to shore up reserves and end a dollar shortage that is hampering economic growth. In an advertisement published in the Financial Times newspaper, the Finance Ministry announced it was seeking lead managers for the issue. The deadline for submitting proposals is Aug. 11, it said. Egyptian officials are in talks with the International Monetary Fund to secure a…

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