The Markets | - Part 174

Michael Ove, A 31-Year-Old Wants to Revolutionize Cryptocurrency Trading

LAGOS (Capital Markets in Africa) – Michael Oved helped Virtu Financial Incorporation become the most consistently profitable market maker in the history of electronic trading. Now he has his sights set on revolutionizing how digital currency exchanges operate. The new company he cofounded, AirSwap, sounds like a contradiction in terms: A decentralized exchange. Made possible by the nascent technology of the ethereum blockchain, there’s no central authority around which buyers and sellers gather. Instead, a computer program known as…

Nigeria Plans to Sell $5.5 Billion of Eurobonds by Year-End

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria plans to sell as much as $5.5 billion of Eurobonds in the next three months to fund capital projects and replace local-currency debt, according to the Debt Management Office. Yields on existing bonds rose to the highest in two months. The new offers would bring the amount raised through Eurobond sales by Africa’s most-populous nation this year to more than $7 billion as President Muhammadu Buhari’s administration restructures its…

Overstock Unit Starting an Exchange for Digital Coin Trading

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LAGOS (Capital Markets in Africa) – The digital token market may be about to become a little bit more like Wall Street. tZero, a subsidiary of online retailer Overstock.com Inc., is joining with Argon Group and RenGen LLC to form a digital tokens exchange that Overstock Chief Executive Officer Patrick Byrne said will be the first in compliance with Securities Exchange Commission and Financial Industry Regulatory Authority guidelines. There’s a pipeline of about $2 billion in digital assets…

What Is Bitcoin, How Does It Work And What Affects Its Price?

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LAGOS (Capital Markets in Africa) – Few technologies have the ability to stir passionate online debate and baffle the vast majority of the population as bitcoin. The virtual currency has been a constant source of interest and confusion since it thrust itself into the mainstream more than five years ago. But interest in bitcoin is now greater than ever. Its value has soared to above $4,000, a new high point, turning some people who hoarded…

Top Bond Guru Pulls Back From Brazil and Heads to Africa

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LAGOS (Capital Markets in Africa) – One of the top investors in emerging-market bonds is putting his money in Africa. Stone Harbor Investment Partners’s Jim Craige, who manages the world’s best-performing fund this year, is buying dollar-denominated debt from Angola, Ghana, Gabon, Ivory Coast and Zambia, while paring holdings from Brazil and Mexico. He says sub-Saharan countries were unfairly punished in 2016 and now present the best value in developing nations. After a multi-year rally sent…

China’s Rise Will Change How Investors View Riskiest Markets

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LAGOS (Capital Markets in Africa) – China’s Belt and Road initiative will provide a boon for frontier markets, but investors should probably do their homework before following Beijing’s money trail. Funding channelled as part of the Chinese-style globalization drive typically doesn’t come with expectations for reform, like aid provided by multilateral lenders. That means access to Chinese funds could see countries delay engaging with the International Monetary Fund for rescue packages, says Hasnain Malik, the…

Novogratz Set for Return With Hedge Fund Riding Bitcoin `Bubble’

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LAGOS (Capital Markets in Africa) – Mike Novogratz is reinventing himself as the king of bitcoin. The swaggering macro manager who flamed out at Fortress Investment Group LLC is starting a $500 million hedge fund to invest in cryptocurrencies, initial coin offerings and related companies. Novogratz will put up $150 million of his own money and plans to raise $350 million more by January, mainly from family offices, wealthy individuals and fellow hedge fund managers, said a person…

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