The Editorial Team

Nigerian Firms Face Higher Borrowing Costs as Yields Rebound

LAGOS (Capital Markets in Africa) — Nigerian companies are paying more to borrow in capital markets, signaling an end to the era of low rates which many issuers took advantage of to refinance higher-cost debt. Firms including MTN Nigeria and Nigerian Breweries have been forced to raise the rates offered on new debt issues due to “aggressive bids” by investors seeking higher yields, Stanbic IBTC Asset Management, said in a note to clients on Tuesday….

IFC Bolsters Financing for African Health-Care Businesses

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LAGOS (Capital Markets in Africa) — The International Finance Corp. has started a $300 million fund for small and medium-sized health-care businesses in Africa to enable them to access essential medical equipment and boost their ability to deal with the coronavirus and other health challenges. Most smaller health-care operators can’t secure bank loans due to their perceived high investment risks, even as they serve more than half of the continent’s population, the IFC said in…

Nigerian Company Plans to Complete New Oil Refinery by 2025

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LAGOS (Capital Markets in Africa) — BUA Group, which owns Nigeria’s second-biggest cement plant, said it plans to finish building a 200,000-barrel-per-day refinery by 2025. “We are looking to between three and four years” to complete construction, Chief Executive Officer Abudul Samad Rabiu told reporters in Lagos, Nigeria’s commercial capital. The company on Wednesday signed an agreement with France-based Axens SA to build the facility in Nigeria’s southeastern Akwa Ibom state, Rabiu said, declining to…

Why Insurgency Places Mozambique’s Gas Riches at Risk: QuickTake

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MAPUTO (Capital Markets in Africa) — One of the world’s poorest countries could be transformed by Africa’s biggest-ever private investment splurge, but there’s a problem. Increasingly brazen attacks by Islamist insurgents are threatening plans to tap huge natural gas deposits found off Mozambique’s northern coast a decade ago. More than 2,600 people have died and over 700,000 have been displaced since the violence began in 2017. The country’s export ambitions are linked to giant projects…

South Africa Accuses Johnson-Johnson of Unreasonable Vaccine Demands

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JOHANNESBURG (Capital Markets in Africa) — South Africa is facing delays to coronavirus-vaccine supplies because of “unreasonable terms” being demanded by manufacturers including Johnson & Johnson in return for delivering millions of much-needed doses, Health Minister Zweli Mkhize said. The government has been notified by J&J that the company won’t sign off on the order agreed last month until it receives greater assurance of support from the state, Mkhize told lawmakers Wednesday, without being more…

Are traditional investment portfolio allocations still relevant?

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LONDON (Capital Markets in Africa) – There has been much debate around whether there is still a place for traditional portfolios made up of 60% equities and 40% bonds. We believe that asset allocators have already in recent years moved considerably away from the traditional 60/40 portfolio and this trend looks set to continue. Bond allocations There is no doubt that bonds no longer provide the protection they used to. Bond yields are so low…

Deliveroo to Dimon Stoke Fears About London’s Post-Brexit Future

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LONDON (Capital Markets in Africa) – If Deliveroo Holdings Plc’s listing was meant to hang an ‘Open For Business’ sign over the City of London, the opening day crash in the shares jarred somewhat with the message the U.K. had intended to send about post-Brexit Britain. Personally welcomed by Chancellor Rishi Sunak, the food delivery company’s initial public offering should have been a beacon to lure tech firms against competition from New York and Hong Kong, which…

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