Finance | - Part 146

Nigeria has commitments for $500 mln of its planned Eurobond

LAGOS (Capital Markets in Africa) – Nigeria has $500 million of commitments for the planned $1 billion Eurobond it intends to issue before the end of the year and any decision to increase the size of the offer will depend on pricing, Finance Minister Kemi Adeosun said on Thursday. Nigeria wants to sell a $1 billion in Eurobonds by the end of the year although, as of Thursday, no bank had been appointed to arrange…

Afreximbank raises more than $3 bln to fund work, but demands soar

Posted on by The Editorial Team

KIGALI (Capital Markets in Africa) – The African Export-Import Bank (Afreximbank) has already secured more than the $3 billion it had sought to raise by the end of 2016 to fund its activities, with about $1 billion coming from Eurobonds, a senior executive said on Thursday. But Cairo-based Afreximbank Executive Vice-President George Elombi also told Reuters the bank did not have enough resources to meet the continent’s soaring demand for financing from African economies hurt…

Total, Glencore and Gunvor bidding for Chevron’s South African assets

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CAPE TOWN (Capital Markets in Africa) – Total, Glencore and Gunvor are bidding for a 75 percent stake in Chevron’s South African downstream assets, which include a refinery, three industry sources told Reuters on Tuesday. U.S. oil major Chevron said in January it planned to sell 75 percent of its South African business unit, which includes a 110,000-barrels-a-day refinery in Cape Town. The second bidding round in which actual offers were made closed on Sept….

Nigeria’s Buhari asks parliament to approve $30 bln of borrowing

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ABUJA (Capital Markets in Africa) – Nigerian President Muhammadu Buhari has asked parliament to approve plans to borrow $30 billion abroad to fund infrastructure plans until 2018, according to a letter read out on Tuesday in the assembly. Nigeria, an OPEC member, slipped into recession for the first time in more than 20 years in the second quarter largely due to low global oil prices. Crude oil sales account for about two-thirds of government revenue….

South Africa to borrow $6 billion from international markets: Treasury

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CAPE TOWN (Capital Markets in Africa) – South Africa plans to borrow $6 billion from international markets over the next three years, with foreign currency bond issuance increasing by $2.1 billion in the current financial year, the Treasury said on Wednesday. Treasury has already issued a pair of dollar bonds in overseas capital markets worth $3 billion in September and $1.5 billion in April. It said the key driver of increased debt were the weaker…

Tunisia to offer $50 billion of projects to foreign investors

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TUNIS (Capital Markets in Africa) – Tunisia will offer foreign investors and financiers participation in $50 billion of projects as it seeks to create jobs to maintain political stability, the country’s investment minister said. The projects range from construction of a new deep-water port at Enfidha in northern Tunisia to desalination plants and energy-generating projects. They will be announced at an international investment conference next month. Investors from 70 countries are expected to come to…

Egypt to issue $2 bln in international bonds, roadshow in Nov

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CAIRO (Capital Markets in Africa) – Egypt will issue roughly $2 billion in international bonds, less than previously announced, and will begin a roadshow for the planned offering in the second or third week of November, Finance Minister Amr El Garhy said on Monday. Egypt has been negotiating billions of dollars in aid from various lenders to help revive an economy battered by political upheaval since the 2011 revolt and ease a dollar shortage that…

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