The Markets | - Part 111

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

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…

Apple, Powell and the Risks to Global Growth: Economy Week Ahead

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – “The principal worry I would have is really global growth,” said Fed Chair Jerome Powell. He’s not the only one. Our view, though, is that the trade truce, Fed patience, and strong U.S. labor markets, mean concerns are overdone. Global growth is set for a slowdown, not a meltdown. There’s no shortage of troubling signals on the world economy. Looking at the economic data, factory gauges for China point to contraction, industrial…

Alexander Forbes Executives Resign Amid Strategic Review

Posted on by The Editorial Team

LAGOS (capital Markets in Africa) – Three Alexander Forbes Group Holdings Ltd. executives have resigned as the South African retirement, investment and insurance-services provider pushes ahead with a strategic review of its market position and business model. Chief Executive Officer at Alexander Forbes Investments Leon Greyling, Group Chief Risk Officer Vishnu Naicker and Chief Human Resources Officer Christian Schaub plan to pursue other business interests, the company said in an emailed response to questions. The departures all took effect around the start of…

Nedbank Sees Short-Term Rally, Longer-Term Pain for Rand in 2019

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – The rand’s wild ride isn’t over, according to Nedbank analysts Reezwana Sumad and Walter de Wet. A slowdown in global growth, an escalation in the trade war, an uncertain Brexit and higher global interest rates are just some of the risks the currency will face this year. Nedbank base case sees rand in range of 14-15 per dollar in 2019 From a technical perspective, the USDZAR could rally toward 13 in the…

Deep in a Panama Rainforest, First Quantum Bondholders Spy Prize

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – First Quantum Minerals Ltd. is poised to fire up a giant copper project in Panama, thousands of miles from its beleaguered minesin Zambia. For bondholders, that’s a welcome distance. The Canadian copper company is ramping up production at the Cobre Panama plant this year, even as a mining tax hike forces it to shed jobs and cut production at its Zambian facilities. With Panama slated to become a more prominent place of operations, bondholders should benefit…

Sonia Gets Clean Sweep in 2019 Sterling Bonds as Libor Fades

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – U.K. regulators are seeing some success as they try to shift the sterling bond market away from scandal-hit Libor. Five all-new floating-rate pound notes have come to market this year, and all of them have been tied to the Sterling Overnight Interbank Average rather than Libor. FMS Wertmanagement, Lloyds Banking Group Plc and International Finance Corp were the latest names to join the offering list. The five deals, totaling at least 3.5 billion pounds…

MTN Nigeria Deal Fails to Fuel Shares as More Trouble Feared

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – MTN Group Ltd. executives may have expected investors to cut them a little slack after they got potential liabilities of $8.1 billion in Nigeria reduced to $53 million last month. Not so. MTN stock has risen just 2.8 percent since the settlement on Dec. 24, still 20 percent below its price in late August. That’s when Nigeria’s central bank first alleged that the Johannesburg-based wireless carrier had illegally repatriated funds…

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