The Editorial Team |

AngloGold Plans to Buy Back $475 Million of High-Yield Bonds

GHANA, Capital Markets in Africa: AngloGold Ashanti Limited, the world’s third-largest miner of the metal, said it plans to redeem about $475 million outstanding on a $1.25 billion high-yield bond that was issued in 2013. AngloGold will pay $1,063.75 for every $1,000 of bonds, exercising the notes’ call option, the Johannesburg-based company said in a statement Tuesday. The coupon on the debt is 8.5 percent and the sum outstanding attracts an interest charge of $40 million a year, spokesman Stewart…

Kenya Finance Minister Sees Next Eurobond at Affordable Rate

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KENYA, Capital Markets in Africa: Kenya can issue Eurobonds at yields lower than other African economies that rely on oil exports and where growth has been stunted by weak global prices, Treasury Secretary Henry Rotich said. East Africa’s biggest economy will issue its second-ever Eurobond in the financial year starting July 1 to help plug a projected budget gap of 9.3 percent of gross domestic product, Rotich said in an interview on June 24 in the capital, Nairobi….

Mozambique Yields at Record as IMF Warns of Debt Distress

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Mozambique, Capital Markets in Africa: Mozambique government bond yields jumped to a record 18.94 percent after the International Monetary Fund warned the south eastern African nation’s public debt was at a high risk of distress. The Washington-based lender said Friday Mozambique’s public debt stock had jumped to 86 percent of gross domestic product after the government revealed it had guaranteed $1.4 billion in loans to state-owned companies. “According to our technical assessment, public debt is now likely…

South Africa Inflation Near Top of Target Limits Policy Options

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Johannesburg, South Africa, Capital Markets in Africa: South Africa’s Monetary Policy Committee has little room to delay acting while inflation and price-growth expectations are hovering near the ceiling of its target range, according to the Reserve Bank. The contribution of monetary policy “is to prevent the temporary increase in specific prices from becoming a permanent acceleration in overall inflation,” the central bank said in its annual report for the year through March 2016, released on its website…

African Assets Slump as Brexit Vote Triggers Commodity Decline

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LAGOS, Nigeria, Capital Markets in Africa: Currencies, stocks and bonds plunged across Africa after the U.K.’s vote to leave the European Union triggered a slump in oil and other commodities and sent investors scurrying for safe assets. South Africa’s benchmark share index fell the most since December 2008 on a closing basis, led by stocks with listings in London and by diversified mining companies. The rand dropped to a record against the yen and by the most…

Brexit Sparks Emerging-Market Selloff as Polish Assets Worst Hit

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LAGOS, Nigeria, Capital Markets in Africa: Eastern Europe and South Africa led a selloff in developing-nation assets following Britain’s vote to leave the European Union as investors speculated their economies will be the worst affected by the fallout from Thursday’s referendum. Volatility in a gauge of currencies surged to the highest since March 2012 as Poland’s zloty tumbled the most in two months against the euro and the rand led emerging-market peers lower against the U.S. dollar. Benchmark stock…

Lekela commits to funding Taiba Ndiaye Wind Project

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SENEGAL, Capital Markets in Africa: Lekela Power, a joint venture between leading growth markets investor, Actis (USD$6.3bn funds under management) and global renewable energy developer, Mainstream Renewable Power (over 10,000 MW in development, construction and operations) announced the acquisition of co-development rights and sole rights to invest in the 158 MW Taiba Ndiaye Wind Project in Senegal. Lekela is a Pan-African renewable energy generation platform delivering utility scale wind and solar power in the region…

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