The Editorial Team |

Rand Tumbles as South African Downgrade Concerns Return

Johannesburg, South Africa, Capital Markets in Africa — The rand weakened below 15 per dollar to the lowest in almost a month amid increasing expectations among economists that South Africa’s credit rating will be cut by the end of this year as growth falters. The rand fell as much as 1.2 percent to 15.1568, the weakest since April 7 on a closing basis, before paring its losses to be little changed at 14.9659 by 1:59 p.m. in…

Ghana IPOs at Risk as March Sale Leaves Buyers Empty-Handed

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ACCRA, Ghana, South Africa, Capital Markets in Africa — A delay in completing the sale of Ghana’s Agricultural Development Bank Ltd., the nation’s biggest initial public offering yet, may dent confidence in future share sales, according to FirstBanc Financial Services Ltd. Investors who bought into the 450 million cedis ($118 million) sale in March, which was oversubscribed, are still waiting for their shares after the owners — the Bank of Ghana and the Ministry of Finance — missed…

Gabon | Moody’s places Gabon’s Ba3 ratings on review for downgrade

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Libreville, Gabon, Capital Markets in Africa — Moody’s Investors Service has today placed the Republic of Gabon’s Ba3 government bond and issuer ratings on review for downgrade. The purpose of Moody’s ratings review is to assess the extent of the impact of the further sharp fall in oil prices, which Moody’s expects to remain low for several years, on the Republic of Gabon’s government balance sheet in the coming years. As part of the review,…

INTO AFRICA May Edition: Unveiling Opportunities in African Equities

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LAGOS, Nigeria, Capital Markets in Africa — The start of 2016 broke away from the well-known ‘January effect’ – a term coined to describe the seasonal irregularity witnessed in the financial markets over the years: the propensity of stock prices to increase during the first month of the year. In contrast, global equity markets had to navigate an ugly storm, as sell-offs ensued, driven by sentiment rather than fundamentals. Rekindled concerns over global growth and…

Congo | Moody’s downgrades Republic of the Congo’s rating to B1

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Brazzaville, Congo, Capital Markets in Africa — Moody’s Investors Service has today downgraded the Republic of the Congo’s (ROC) issuer rating to B1 from Ba3 and placed the B1 rating under review for further downgrade. The downgrade reflects the severe deterioration in the government balance sheet caused by the significant fall in oil prices, which Moody’s expects to remain low for several years. The purpose of the review for further downgrade is to allow Moody’s…

Nigeria edging closer to China — Bank of America Merrill Lynch

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Lagos, Nigeria, Capital Markets in Africa — Buhari’s recent trip to China generated impressive headlines on funding. If the whole $6bn infrastructure loan is disbursed, it could give a significant boost to Nigeria’s productivity. However, in the short term, the focus is on some important details of the currency swap arrangement and to what extent it can alleviate the pressure on Nigeria’s FX reserves. CBN lauds currency swap with China, but important details are missing The…

Private Equity | The Abraaj Group exits Unimed via an IPO on the Tunis Stock

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Tunis, Tunisia, Capital Markets in Africa: The Abraaj Group (‘Abraaj’ or the ‘Group’), a leading investor operating in global growth markets, today announced that it has successfully exited its investment in leading Tunisian pharmaceutical company Unité de fabrication de médicaments (‘Unimed’ or the ‘Company’), through an initial public offering (‘IPO’) on the Tunis Stock Exchange. The Abraaj Group invested in Unimed through one of its Funds in 2011. Unimed represents the first IPO this year on…

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