The Markets | - Part 176

Angola Oil Minister Says Nation Needs Crude to Rebound to $60

LUANDA (Capital Markets in Africa) – Angola’s Petroleum Minister Jose Maria Botelho de Vasconcelos said it’s essential for the southern African nation’s economy that oil prices rebound to $60 a barrel this year. “That would be extremely important,” Botelho de Vasconcelos said on Monday in an interview in the country’s capital Luanda. “We’ve been getting signs from the market that prices could reach $60 by the end of the year.” Angola, which depends on crude shipments…

Republic of Congo Eurobond Trustee Said to Announce Coupon Payment

Posted on by The Editorial Team

BRAZZAVILLE (Capital Markets in Africa) – Delaware Trust, Eurobond trustee for the Republic of Congo, issued statement Aug. 29 that $21 million of overdue principal and interest payments will be transferred to investors soon, according to two people familiar with the matter. People asked not to be named as they were not authorized to speak publicly. The statement said that Commissions Import Export, a contractor claiming it’s owed money from Republic of Congo’s government, has…

AfriSam Is Said to Be Talking to Partner to Secure PPC Deal

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JOHANNESBURG (Capital Markets in Africa) – AfriSam Group Pty Ltd. is in negotiations with an equity partner to recapitalize the company and enable South Africa’s second-biggest cement maker to push through a merger with larger rival PPC Ltd., according to two people familiar with the matter. Closely held AfriSam has a letter of intent from an investment company based in the Americas that’s willing to put up new funding, said the people, who asked not to…

Namibia Black-Ownership Plan Risks Copying S. African Errors

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WINDHOEK (Capital Markets in Africa) – A plan by Namibia, among the world’s most economically unequal nations, to better distribute wealth among its citizens may end up the way neighboring South Africa’s has — benefiting an elite minority. The nation is working on a law that will require all businesses to be at least a quarter owned by “racially disadvantaged people.” While only about 6 percent of Namibia’s 2.5 million citizens are white, they own most…

Nigerian Naira Is Overvalued by 20% vs USD Says Bank of America

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LAGOS (Capital Markets in Africa) – “A 20% depreciation in the NAFEX/NGN spot exchange rate is still needed to reach fair value, despite last year’s partial devaluation and the recent moves in key FX windows,” Bank of America analysts Yusuf Rukayat and Gabriele Foa say in a note to clients. They recommend avoiding naira debt, even with 1-year T-bills yielding 22% and FX-hedged trades yielding 12%. “While NGN carry is similar to EGP, we find…

Telkom Says South Africa Mulling Sale of Up to $1 Billion Stake

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JOHANNESBURG (Capital Markets in Africa) – Telkom SA SOC Ltd. said the South African government is considering various options regarding its 39 percent stake in the fixed-line operator as it seeks to raise cash to bail out the country’s unprofitable national airline. The state’s shares in the former telecommunications monopoly are worth about 13 billion rand ($996 million). Lawmakers are in talks with government-owned companies including the Industrial Development Corp. and the Public Investment Corp. to…

Cryptocurrencies Are New Barbarians at the Gate of Central Banks

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LAGOS (Capital Markets in Africa) – When the cryptocurrency Exio Coin starts a round of fundraising on Sept. 7, its founders say the unit will come with a unique distinction: the first to be endorsed by a sovereign nation. The identity of the government backer won’t be revealed until October, and Bloomberg News has no way of verifying the claim of support. According to co-founder Sunny Johnson though, the supporter is one of “the world’s richest countries” on a…

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