The Editorial Team |

Mezzanine Financing: A Solution for the Mid-Market Funding Gap in Africa

LAGOS, Nigeria, Capital Markets in Africa: Mezzanine financing in developed markets such as Europe and the United States is typically used to fill a gap in the capital structure, providing additional leverage for primarily private equity funds. In emerging markets such as Africa, mezzanine financing is a key tool in addressing the current lack of funding that is especially obvious in the mid-market, where small and medium sized companies are looking to raise between $5-…

Infrastructure | AIIM announces successful sale of stakes in three toll road assets

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CAPE TOWN, South Africa, Capital Markets in Africa: African Infrastructure Investment Managers (AIIM) has announced the successful sale of investments in three privately-concessioned toll roads in Southern Africa. Acting as the manager of the South Africa Infrastructure Fund (SAIF), AIIM successfully concluded the transaction on 4 July 2016. This sale represents the largest private equity realisation for toll road infrastructure in Africa to date. SAIF was established in 1996, and in mid-2000 management of the…

Fitch: Angola’s Move to End IMF Talks Increases External Risks

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ANGOLA, Capital Markets in Africa: The Angolan government’s decision to discontinue talks with the IMF on a potential loan increases risks to the sovereign’s external financing position if no other sources of external funding are available, Fitch Ratings says. We identified deteriorating external dynamics as a rating sensitivity when we revised the Outlook on Angola’s ‘B+’ sovereign rating to Negative from Stable in March. The IMF said last week that Angola wanted to halt talks…

Kenya Pipeline Considers Eurobond to Fund Expansion Projects

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NAIROBI, Capital Markets in Africa: Kenya Pipeline Co. is considering selling Eurobonds as part of a fund-raising exercise to finance capital-intensive projects around the country. The state-owned company, which is expanding its infrastructure to cater for potential oil production in the north of the country and the construction of the Lamu Port Southern Sudan Ethiopia Transport corridor, plans to start raising capital in the second half of next year, Chairman John Ngumi said. “There will be a need…

Citigroup, JPMorgan Favour Zambia’s Dollar Debt in Bet on IMF Aid

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ZAMBIA, Nigeria, Capital Markets in Africa: Citigroup Inc. and JPMorgan Chase & Co. are among investors stocking up on Zambian dollar debt, anticipating that a growth revival and an International Monetary Fund aid package will help the southern African nation plug its yawning budget deficit. Citigroup started adding Zambian debt on June 10, while JPMorgan moved its holding of the nation’s dollar bonds to overweight, seeing room to “earn considerable pickup” amid signs of an improving economy….

Ghana Cuts Growth Outlook to Lowest in More Than 30 Years

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ACCRA, Capital Markets in Africa: Ghana cut its economic growth forecast for 2016 to the lowest rate in more than three decades as the country reduced its targets for oil and gold production. West Africa’s largest economy after Nigeria will likely expand 3.2 percent this year after growing 3.9 percent in 2015, Finance Minister Seth Terkper said in a statement on the ministry’s website. That will be the slowest rate since 1983, when the economy contracted 4.6 percent, according…

Nigerian Regulator Ousts Skye Bank Board Over Capital Concerns

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s central bank replaced almost all the members of Skye Bank Plc’s board for repeatedly failing to meet minimum thresholds on liquidity and capital adequacy ratios. Chief Executive Officer Timothy Oguntayo and three of the bank’s eight other executives quit, along with Chairman Olatunde Ayeni and seven other non-executives, Governor Godwin Emefiele told reporters in Lagos on Monday. Alhaji Ahmad was named as new chairman and Adetokunbo Mukhail Abiru, a former Harvard Business School graduate…

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