The Markets | - Part 140

Ghana Is Said to Name Citi, Three Others to Market Eurobond

ACCRA (Capital Markets in Africa) – Ghana appointed Citigroup Inc., JP Morgan Chase & Co, Bank of America Corp. and Standard Chartered Plc as head arrangers to market an upcoming sale of Eurobonds, according to two people familiar with the matter. The West African nation also named Accra-based Fidelity Bank Ltd. and IC Securities as co-arrangers, said the people, who asked not to be identified because they’re not authorized to speak publicly about the matter. Ghana…

Mozambique to Face Off With Bondholders as Debt Talks Start

Posted on by The Editorial Team

MAPUTO (Capital Markets in Africa) – Mozambique is set to meet foreign creditors to discuss almost $2 billion of debt in London Tuesday in what will mark the start of formal restructuring negotiations, more than a year after the southern African nation defaulted. Investors including Credit Suisse Group AG and UBS Group AG have little idea what will be discussed. Mozambique first missed coupon payments on its $727 million Eurobond due 2023 in January last…

South Africa Bonds Jump as Treasury Surprises With Auction Cut

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JOHANNESBUGH (Capital Markets in Africa) – South African bond yields fell by the most in a month and the rand strengthened after the National Treasury said it will reduce the amount of debt sold at weekly auctions as the government’s borrowing requirement declines. While the government signalled last month it would curb bond issuance, the timing and size of the move caught traders by surprise. It was the latest tailwind for the country’s debt, which…

Old Mutual Listings on Track as Insurer Splits Businesses

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JOHANNESBURG (Capital Markets in Africa) – Old Mutual Plc said it’s on track to complete a plan to split into four financial services businesses by the end of this year. The U.K.-based insurance company is separating its wealth management, emerging markets, lender Nedbank Group Ltd. and U.S.-based OM Asset Management Plc units after concluding that the company traded at a discount to the value of its assets. Old Mutual, which was founded in South Africa more…

Goldman’s Patel Says Emerging-Market Stocks Are Best Bet (1)

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LAGOS (Capital Markets in Africa) – Emerging-market stocks are the world’s best investment after February’s rout cheapened valuations, according to Goldman Sachs Asset Management. Unlike previous market corrections, when developing nations suffered big outflows, clients have been adding more money to the riskiest assets, said Sheila Patel, the chief executive officer of International GSAM. That’s been a sound strategy during the past month as emerging-market stocks returned 3.1 percent, beating the 2.5 percent gain for U.S. peers….

What’s in a Name? Steinhoff Africa Turns Back on Parent

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JOHANNESBURG (Capital Markets in Africa) – Few can honestly claim to have never been embarrassed by their parents. Yet for Steinhoff Africa Retail Limited, there’s more at stake than just an awkward silence when an outdated remark falls flat. The continent’s biggest seller of clothing was left mortified in December, when majority shareholder Steinhoff International Holdings NV reported accounting wrong doing that wiped 90 percent off the parent company’s market value. STAR, as the South African retailer is…

IPO Buzz Grows in Egypt as Two More Companies Ready Share Sales

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CAIRO (Capital Markets in Africa) – The buzz around initial public offerings in Egypt is growing louder, with two more companies announcing plans for share sales. Investment bank CI Capital Holding said Thursday it intends to offer more than 40 percent of its capital on the Cairo stock market. BPE Partners is preparing to sell shares in its private equity investment company later this month, the firm’s founding partner said Wednesday. They join a growing line-up…

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