The Markets

JOHANNESBURG (Capital Markets in Africa) – Ghanaian Finance Minister Ken Ofori-Atta said the country could proceed with a sale of Eurobonds even before the International Monetary Fund completes a final review of the nation’s extended credit-facility program. The finance ministry will next week name transaction advisers for a planned issuance of as much as $3 billion, after which the lenders will test investors’ appetite for a sale, Ofori-Atta said Friday in an interview in the capital, Accra. “After…

JOHANNESBURG (Capital Markets in Africa) – African online retailer Jumia is planning an initial public offering in New York this year that could value the business at about $1.5 billion, according to people familiar with the matter. Jumia’s largest shareholder MTN Group Ltd. is planning to raise as much as $600 million from selling its shares through the IPO, said one of the people, who asked not to be identified as the information isn’t public. MTN and…

JOHANNESBURGH (Capital Markets in Africa) – Sygnia Ltd. Chief Executive Officer Magda Wierzycka is questioning fees paid by South Africa’s state-owned money manager, citing an unverified document she says details a “sad litany of plunder” at the Public Investment Corp. The overseer of 2.1 trillion rand ($157 billion) of mostly civil-servant pension funds spent 960 million rand on advisory and transactional costs between 2014 and 2018, Wierzycka said in an opinion piece published Wednesday by Business Day. By…

LAGOS (Capital Markets in Africa) – Gerald Cotten, the Canadian behind cryptocurrency exchange Quadriga CX, filed a will 12 days before his death listing substantial assets, according to court documents. Cotten, whose sudden death left C$190 million ($145 million) in Bitcoin and other digital assets protected by his passwords unretrievable, signed his last will and testament on Nov. 27, 2018. He left all his assets to his wife, Jennifer Robertson, and made her the executor to…

JOHANNESBURG (Capital Markets in Africa) – South Africa’s stock market is witnessing a paradox: foreign investors are selling in the local market but buying a U.S. exchange-traded fund that invests in the shares at the fastest pace in 11 years. On the Johannesburg exchange, foreigners sold a net 14.6 billion rand ($1.1 billion) of shares in January with 19 of the 22 trading days seeing outflows, according to JSE Ltd. During the same period, investors in NYSE…

JOHANNESBURG (Capital Markets in Africa) – There’s been enough bad news about South Africa’s state-owned electricity company in recent months to rattle the hardiest bond investor. Or so you’d think. Even before President Cyril Ramaphosa said on Tuesday the nation won’t allow Eskom Holdings SOC Ltd. to fail, the company’s bonds were trading as if its troubles were over. The premium investors demand to hold the company’s 10-year dollar bonds rather than U.S. Treasuries dropped this week to the lowest…