The Markets | - Part 140

Deutsche Bank Sees Robust Year for South Africa IPOs, Bond Sales

JOHANNESBURG (Capital Markets in Africa) – Deutsche Bank AG sees initial public offerings and bond sales driving South African deals this year after a record 2017. The country’s capital markets are “buoyant,” driven by global sentiment, and a “backlog” of IPOs that were due to happen late last year will now happen in 2018, Simon Denny, head of corporate finance for Deutsche Bank’s Johannesburg-based unit, said in an interview. “Sentiment has swung around and I am bullish around…

Mozambique’s Bondholders See `Gaps’ in Restructuring Plans

Posted on by The Editorial Team

MAPUTO (Capital Markets in Africa) – A group of key Mozambique bondholders questioned the government’s proposals on restructuring about $2 billion of its foreign debt, saying they lacked “important” information. The so-called Global Group of Mozambique’s Bondholders, which says it has the backing of investors owning more than 80 percent of the nation’s $727 million of Eurobonds, had earlier dismissed the government’s initial restructuring plan announced March 20 as a “total non-starter.” The notes, which…

Bitcoin Slumps After Binance Is Said to Face Warning in Japan

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LAGOS (Capital Markets in Africa) – Bitcoin fell after one of the world’s largest cryptocurrency exchanges was said to face a government rebuke for operating without a license in Japan, heightening concern that increased regulatory scrutiny will curb demand for digital assets. Japan’s Financial Services Agency is planning to tell Binance, the trading venue founded by Zhao Changpeng, to stop operating in the country without official approval, a person familiar with the matter said. Binance has…

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

Posted on by The Editorial Team

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

Posted on by The Editorial Team

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

Posted on by The Editorial Team

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…

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