Finance | - Part 141

Kenya Hires StanChart, Citigroup, RMB for $800 Million Syndicated Loan

NAIROBI (Capital Markets in Africa) – Kenya’s government mandated four international banks to raise $800 million in syndicated loans that authorities need to boost foreign-currency reserves and plug a widening budget deficit, according to two people familiar with the agreement. The East African nation’s Treasury informed the Nairobi-based units of Citigroup Inc., Standard Bank Group Ltd., Standard Chartered Plc and Rand Merchant Bank on Tuesday that they were appointed to arrange the financing, the people said, asking not to be identified…

Nigeria raises local currency bonds at yields below inflation

Posted on by The Editorial Team

LAGOS (Reuters) – Nigeria has raised 214.95 billion naira ($704.18 mln) in local currency bonds at its first auction this year, with the debts sold at yields below galloping inflation, the Debt Management Office said on Thursday. Though yields were higher than at its last auction in December, the debt office said it received subscription of 235.05 billion naira for the bonds at the auction held on Wednesday. Annual inflation in Nigeria climbed to a…

Africa’s Biggest Company Seeks Partnerships With Phone Companies

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Naspers Ltd., Africa’s biggest company by market value, is seeking partnerships with mobile-phone operators on the continent to boost its video-on-demand business and help compete with U.S. giant Netflix Inc. The owner of Africa’s biggest pay-TV provider is planning to build on a joint venture agreed to last year with Kenya’s largest company, Safaricom Ltd., to roll out online service Showmax at more affordable data prices. Safaricom is 40 percent…

Citigroup, Top Africa Loan Arranger, Sees M&A Boosting Lending

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LAGOS (Capital Markets in Africa) – Citigroup Inc., sub-Saharan Africa’s top loan arranger in 2016, expects increased sovereign demand and mergers and acquisitions to drive lending in the region this year as low valuations spur deals. “Lots of financing activity is expected in 2017,” Aziz Rahman, the bank’s head of corporate finance in the region said in an interview on Monday. Loans to sovereigns and corporates will increase as M&A deals rise and infrastructure spending picks…

Microlender Plans West African Expansion After Ghana Acquisition

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ACCRA (Capital Markets in Africa) – Letshego Holdings Ltd., the Botswana microlender that has made acquisitions in Nigeria and Ghana during the past year, plans to enter Ivory Coast to boost access to West Africa’s francophone market. The lender, which has operations in 11 African countries, is also weighing up an expansion into Zambia and Zimbabwe, Chief Executive Officer Christopher Low said in an interview in Botswana’s capital, Gaborone. Letshego, which had a loan book of $620 million…

Germany and African Countries Seek to Strengthen Trade and Investment Ties

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – This year, Germany will host the first ever privately held event exclusively dedicated to strengthening trade and investment ties between Germany and the African continent. The Germany-Africa Business Forum (www.GermanyAfrica.com), which will take place March 23, 2017 in Frankfurt, capitalizes on a wave of interest taken by the German government and companies to increase their engagement with African countries. Last October, German Chancellor made a 3-day visit to Mali,…

Nigeria to sell diaspora bonds in March after eurobond issue

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria will look to issue a debut diaspora bond by March to raise funds from Nigerians abroad, after completing a $1 billion eurobond sale this month, a finance ministry source told Reuters on Wednesday. Nigeria is in its first recession in 25 years and needs to find money to make up for shortfalls in its budget. Low prices for crude and militant attacks in its crude-producing heartland, the Niger Delta,…

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