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South Africa’s PIC Seeks Managers for Equities Elsewhere in Africa

JOHANNESBURG(Capital Markets in Africa) – – The Public Investment Corp., which manages about $144 billion of mainly South African government worker pensions, has issued tenders seeking investment managers with expertise in equities in other parts of the continent. The PIC, Africa’s biggest fund manager, said in an advertisement that applicants should hold funds with track records of more than five years. The bulk of the PIC’s assets are in South Africa. In recent years it…

Falling Gabon Yields Show Strong Demand for African Issuers

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GABON (Capital Markets in Africa) – Gabon, one of the lowest-rated sovereigns in Africa, sold the first Eurobonds from the continent this year, with investors snapping up the high-yielding debt even as concerns over the outbreak of the coronavirus continued to weigh on global markets. The government issued $1 billion of 10-year securities with a yield of 6.625%, at the lower end of the final price guidance and well below the initial price target of 7%, according…

Gabon Set to Test Demand for African High-Yield Dollar Debt

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GABON (Capital Markets in Africa) – Gabon is starting investor meetings Monday for a planned Eurobond sale that will test demand for hard-currency debt from one of the lowest-rated issuers in the region. The sale comes amid record debt sales by emerging-market borrowers this year as a lull in trade tensions and a rally in U.S. Treasuries spur demand for higher-yielding assets. Average yields on Eurobonds from sub-Saharan Africa are 2.5 percentage points higher than the emerging-market average, promising potentially juicy…

Pound Swings With Bargain Hunters Curbing Pain of Rate-Cut Bets

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LONDON (Capital Markets in Africa) – A tug-of-war between bargain hunters and pound bears is playing out. On the one hand, increased speculation of an imminent interest-rate cut is putting pressure on sterling, and on the other, five straight days of declines to $1.2955 have tempted investors to buy the dip. Prime Minister Boris Johnson also gave bulls a boost when he said it’s likely his government would secure a trade deal with the European…

What to Watch in Commodities: Trade Deal, Oil, Alcoa, Palladium

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LAGOS (Capital Markets in Africa) – Commodity investors will focus this week on Washington’s top trade policy issue since Donald Trump won the presidency: reshaping relations with China. Tariff Man is to host a hard-won signing ceremony with Beijing on a first-phase deal, and markets want all details and ask what’s next. Earnings season kicks off in earnest with numbers midweek from aluminum maker Alcoa Corp., followed by Schlumberger Ltd. on Friday. The oilfield services giant…

Pound Drops From 8-Month High as Tory Lead Shrinks in Key Poll

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LONDON (Capital Markets in Africa) – The pound fell from an eight-month high after a poll that successfully predicted the 2017 vote suggested the Conservative party will win a smaller majority than earlier predicted in Thursday’s election. Sterling slid as much as 0.4% after the YouGov poll indicated Prime Minister Boris Johnson’s party will gain a majority of 28, compared with 68 projected two weeks ago. Currency markets were already jittery ahead of a number of risk events in…

Bull Market Limits Options for Trimming Year-End Tax Bills

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NEW YORK (Capital Markets in Africa) – It is the time of year when investors look at their books and see which losing securities they can shed to trim their tax bills—but they may have little to work with this year. Investors can lower taxes on their capital gains—which face ordinary income rates if held for a year or less—by selling at a loss certain shares that have dropped in value. Depending on the extent…

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