News | - Part 54

Moody’s assigns A1.za debt rating to Ekurhuleni’s (EMM06) ZAR900 million notes due 2025

Johanessburg, South Africa (Capital Markets in Africa) — Moody’s Investors Service has today assigned a long-term debt rating of A1.za (South African national scale rating) to Ekurhuleni Metropolitan Municipality’s ZAR900 million senior unsecured amortising fixed-rate notes due 2025. These notes are issued under Ekurhuleni’s ZAR8 billion Domestic Medium Term Note programme rated A1.za and will be listed on the Johannesburg Stock Exchange. Proceeds from the notes will be used to finance the city’s infrastructure requirements….

Morocco Central Bank keeps interest rate on hold at 2.5 percent

Posted on by The Editorial Team

Casablanca, Morocco (Capital Markets in Africa):- Morocco’s central bank, or Bank Al-Maghrib, kept its benchmark interest rate unchanged at 2.5 percent on Tuesday, saying that inflation would remain consistent with price stability targets. Inflation is expected to reach 1.5% in 2015 and 1.4% on average over the next six quarters. However, there are external uncertainties over oil prices, according to the central bank. A decline in global oil prices revived Morocco’s public finances and slashed…

Egypt bourse to show strong performance, says Merrill Lynch

Posted on by The Editorial Team

Cairo, Egypt (Capital Markets in Africa) — Egypt’s stock market is likely to show strong improvement in the near term, said BofA Merrill Lynch in its emerging markets report. The Egyptian Exchange has suffered steep declines in recent months, but the bullish performance in May partially pared such losses, especially after concerns about the local currency abated and the capital gains tax was delayed for two years, according to the report. Merrill Lynch also said…

Emaar Misr says 15% of IPO available for individuals, 85% for institutions

Posted on by The Editorial Team

Cairo, Egypt (Capital Markets in Africa):- Emaar Misr for Development, the Egypt-based subsidiary of UAE’s Emaar Properties, said Sunday around 90 million of its shares, representing 15% of its planned initial public offering will be offered for individuals, while nearly 51 million shares, or 85% of total floated shares, will be available for institutions. Subscription application for the individual tranche will have a minimum of 100 shares and maximum of 10 million shares. 25% of…

Central Bank of Egypt sells $37.8m in FX auction and autions EGP7bn in T-bills

Posted on by The Editorial Team

Cairo, Egypt (Capital Markets in Africa):- The Central Bank of Egypt said it sold $37.8 million to banks in a foreign currency auction held Sunday. The bank had offered $40 million. Cut-off price amounted to EGP 7.53 per dollar, the central bank added. The dollar exchange rate steadied at 7.53 against the Egyptian pound for the first time on 4 February. Futhermore, the Central Bank of Egypt said it will hold a public auction Sunday…

Moody’s affirms BMCE’s deposit ratings; changes the outlook to stable from negative

Posted on by The Editorial Team

Casablanca, Morocco (Capital Markets in Africa) — Moody’s Investors Service has today affirmed and changed the outlook to stable from negative on the Ba1 long-term local-currency deposit rating and senior unsecured debt rating of BMCE Bank. Concurrently, Moody’s affirmed BMCE’s ba3 baseline credit assessment (BCA), its Ba2 long-term foreign currency deposit rating, the short-term local and foreign-currency Not-prime ratings and its B1 foreign subordinate debt rating. In light of the revised bank rating methodology, published…

Zimbabwe dollar to be taken out of circulation

Posted on by The Editorial Team

Harare, Zimbabwe (Capital Markets in Africa) — Zimbabwe’s government has announced it will officially discard the Zimbabwean dollar, formalizing a multi-currency system introduced in 2009 to help stem inflation and stabilize the economy. The central bank will offer $5 for every 175 quadrillion, or 175,000 trillion, Zimbabwean dollars, Governor John Mangudya said in an e-mailed statement from the capital, Harare. While it marks the official dropping of the currency, transactions in the southern African nation…

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