The Markets | - Part 141

Mozambique’s Bondholders See `Gaps’ in Restructuring Plans

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

Posted on by The Editorial Team

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

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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

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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….

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