The Markets | - Part 107

Traders Blind to South Africa Rate Pressure May Be in for a Jolt

JOHANNESBURG (Capital Markets in Africa) – Fixed-income traders who have become complacent about interest rate increases in South Africa are setting themselves up for a “negative monetary surprise,” according to Nedbank Group Ltd. — and that could cost them. The South African Reserve Bank will meet for this first time this year on Thursday, with all 18 economists in a Bloomberg survey predicting policy makers will hold the benchmark rate at 6.75 percent. But a hike could…

No Currency, Just a Currency Crisis: Zimbabwe’s Woes Deepen

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) – Not having a currency of its own hasn’t stopped Zimbabwe from sliding into a currency crisis. A scarcity of foreign exchange has led to long queues for fuel, bread and medicine and sent prices surging. Protests erupted across the southern African country on Monday, leaving possibly five people dead, after the government more than doubled gasoline prices to $3.31 a liter ($12.58 a gallon) over the weekend, the highest in…

Egypt Plans Up to $7 Billion in International Bond Sale in 1Q

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Egypt plans to issue between $3 billion and $7 billion worth of international bonds in the first quarter of the year, Finance Minister Mohamed Maait said Sunday, as an outflow of foreign capital in local debt markets could test its ability to meet budget deficit reduction targets. The cabinet has given “us the flexibility to issue what we need within this range” and also flexibility regarding the currencies, Maait said in…

Nigeria Misses Out on Emerging-Market Rally as Vote Nears

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa)- Emerging-market assets may be enjoying a strong start to the year, but one country missing out on the rally is Nigeria. With investors fretting about tight elections just a month away, low oil prices and escalating violence, there’s little to suggest there’ll be an immediate turnaround. The main stock index in Lagos, the commercial capital, has lost 4.1 percent since the end of 2018, which is the biggest drop globally after Serbia, Romania and Bulgaria,…

Bharti Airtel Agrees to Cede Some Shareholding in Tanzanian Unit

Posted on by The Editorial Team

DAR ES SALAAM (Capital Markets in Africa) – Bharti Airtel Ltd. has agreed to reduce its stake in its Tanzanian unit to 51 percent from 60 percent after months of negotiations with the government, which accused the operator of acquiring the initial shareholding illegally. The Tanzanian government’s stake will increase to 49 percent from 40 percent, Chairman Sunil Bharti Mittal said in comments emailed by President John Magufuli’s office. Airtel has said its acquisition in 2010 of the…

Steinhoff’s Salvage Process Stalls as Former Partner Digs In

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV’s effort to rescue its European business has been delayed after a challenge from a company linked to Andreas Seifert, the beleaguered retailer’s latest opposition from its former Austrian partner. LSW GmbH, “which says it’s a creditor of Steinhoff Europe,” is opposing a company voluntary arrangement proposed on Dec. 14, and the agreement won’t be implemented until the challenge is resolved, Stellenbosch, South Africa-based Steinhoff said…

Ghana Said to Target Swift Sale of $3 Billion in Eurobonds

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghana is favoring a sale of as much as $3 billion in Eurobonds this quarter as the country seeks to finance its budget and reduce borrowing costs, according to two people familiar with the matter. While the West African nation’s budget requires net foreign financing of 9.8 billion cedis ($2 billion), it will seek an additional $1 billion if it’s able to issue debt at lower rates than what it’s…

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