The Editorial Team |

Africa Equity Weekly | 15 Jan 2016: Egypt, Nigeria, South Africa in red … Mauritius, Tunis in green

Lagos, Nigeria, Capital Markets in Africa — The global market’s poor start to the year continued this week as investors sold off on equities and junk bonds globally in a flight to safety due to increasing downside risk of a hard landing in China, credit defaults in high yield junk bonds, weaker global growth and softer commodity prices. Brent crude traded below the US$30.0pb line on Friday, with broader analysts’ outlook of a bottom ranging…

African Sovereign Eurobond 2015 Review: Eurobond issuance steady at $6.75billion, but with a higher premium

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Lagos, Nigeria, Capital Markets in Africa — The year 2015 was a challenging year for African economies as a result of falling commodity prices, lower demand from China and the hike in the US Fed rates. In spite of this, the Eurobond issuance by African sovereigns still came to US$6.750 billion for 2015 compared to the record US$8.7 billion issued in 2014. The market value weighted average issue yield is at 7.90 percent (a higher premium compared to other emerging economy Eurobonds)….

Nigerian Stock Exchange Introduces Circuit Breaker as Stocks Plunge

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Lagos, Nigeria, Capital Markets in Africa —- Nigeria’s stock exchange introduced a circuit breaker to limit price fluctuates (fall/rise). Trading on the Nigerian Stock Exchange will be stopped for 30 minutes if the All Share Index moves 5 percent from the previous day’s close between 10:15 a.m. and 1:45 p.m. (local time), the Lagos-based exchange stated in a statement on its website. The market will close for the day if the circuit breaker is triggered for…

ICD supports Ivory Coast to successfully Issue the largest West African Sovereign Sukuk

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Jeddah, Kingdom of Saudi Arabia, Capital Markets in Africa — On 21st December 2015 the Republic of Côte d’Ivoire, acting through the Ministry of Economy and Finance, closed an inaugural local currency, CFA 150 Billion (USD 244 million) Sukuk al-Ijara (“Sukuk”). The Islamic Corporation for the Development of the Private Sector (“ICD”), an arm of the Jeddah-based Islamic Development Bank, acted as the Lead Arranger. The sukuk with a five‐year maturity, was subscribed by regional…

Pessimism creates the best optimism in the long run — Mark Mobius, Executive Chairman, Templeton Emerging Markets Group

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Emerging market guru, Dr. Mark Mobius, Executive Chairman, Templeton Emerging Markets Group, Franklin Templeton Investments, has been investing in global emerging markets for more than 40 years. He joined Templeton in 1987 and currently directs the Templeton research team, which is based in 18 global emerging markets offices, and manages emerging markets portfolios including Africa. Mark Mobius shares his views on the prospects and challenges in 2016 with Capital Markets in Africa. Retrospectively, in your…

The Abraaj Group agrees to acquire significant stake in Algeria’s CEPRO

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Dubai, UAE, Capital Markets in Africa — The Abraaj Group (‘Abraaj’ or the ‘Group’), an investor operating in global growth markets, today announced the acquisition, through its second generation North Africa Fund (‘ANAF II’), of a significant minority stake in Cellulose Processing (‘CEPRO’ or the ‘Company’), a manufacturer and distributor of baby diapers and feminine sanitary pads in Algeria. Founded in 2003 by Djamel Mehri of the Mehri Family – a prominent diversified family conglomerate…

IFC Invests in Co-op Bank to Support Entrepreneurs and Housing Finance in Kenya

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Nairobi, Kenya, Capital Markets in Africa — IFC, a member of the World Bank Group, announced today that it will provide a $105 million loan to the Co-operative Bank of Kenya (Co-op Bank) to support lending to small and medium businesses, women entrepreneurs and the housing sector. The second largest bank in Kenya by total assets, Co-op Bank has 143 branches across the country and a subsidiary in South Sudan. Small and medium enterprises account…

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