Banking

LAGOS (Capital Markets in Africa) – Ecobank Transnational Inc. sold $450 million of Eurobonds Thursday at yields that rank among the highest from emerging markets this year, the first debt sale from a lender with shares listed on the Nigerian stock exchange in 18 months. One of Africa’s most geographically diverse banks issued five-year senior unsecured notes priced at 9.75 percent, Renaissance Capital, one of the arrangers, said in a statement. The funding will help the lender to…

ACCRA (Capital Markets in Africa) – Ghana’s cedi has recovered to levels that appropriately reflect the state of the economy after “overshooting” during a slump in the first quarter, according to the head of the central bank. The currency of West Africa’s second-biggest economy collapsed as much as 16 percent against the dollar after offshore holders of domestic debt failed to roll back their maturing investments at the same time as when the central bank was…

JOHANNESBURG (Capital Markets in Africa)  – The South African Reserve Bank is steadfast that it wants to see inflation expectations anchored at the 4.5 percent midpoint of its target range, Governor Lesetja Kganyago said. While the central bank unexpectedly raised its key rate to 6.75 percent in November, its current policy stance remains accommodative with the benchmark rate still below neutral, Kganyago said in an interview on Thursday with Bloomberg Television in Washington. Consumer inflation was below…

HARARE (Capital Markets in Africa) – Zimbabwe’s lenders, which include units of Standard Bank Group Ltd. and Ecobank Ltd., appealed to the central bank to raise interest rates that have been capped at 12 percent for the past two years, saying this would increase lending in the collapsing economy. They also proposed that the Reserve Bank of Zimbabwe introduce an overnight rate to facilitate lending between financial institutions and the central bank, Bankers Association of Zimbabwe submissions seen by Bloomberg…

PORT LOUIS (Capital Markets in Africa) – SBM Holdings Ltd. shares sank to a 4 1/2-year low after the owner of Mauritius’s second-biggest bank said a tripling in bad-debt provisions halved profit last year. The stock fell as much as 2.7 percent and closed down 2.3 percent at 5.86 rupees in Port Louis, the Mauritian capital. That’s the lowest since October 2014, according to data compiled by Bloomberg. “Sentiment on SBM remains weak as investors continue…