The Markets | - Part 185

Don’t Fear the Fed, EM Currencies Can Do Well, Societe Generale

LAGOS (Capital Markets in Africa) – Emerging-market currencies should comfortably ride out coming Federal Reserve monetary tightening, according to Societe Generale SA. The Fed’s slow and steady approach — expectations for hikes beyond Wednesday’s widely expected 25-basis-point move seem “extraordinarily subdued” — ensures that emerging market currencies will feel little impact, and carry trades will remain a viable strategy over the coming quarter, said Jason Daw, SocGen’s head of emerging-market foreign-exchange strategy in Singapore. “EM currencies…

`Battle-Hardened’ Investors May Need to Go Easy on African Bonds

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Such is the demand for African Eurobonds these days that not even army mutinies are scaring investors. That may not be the case for much longer. Investors have become “battle-hardened” in their quest for yield, according to Union Bancaire Privee Ubp SA, with issuance from the continent reaching $12.7 billion in 2017, already a full-year record. Less than a month after soldiers rebelled in Ivory Coast, the West African nation attracted $10…

Ivory Coast Said to Attract Almost $10 Billion in Eurobond Bids

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ABIDJAN (Capital Markets in Africa) – Ivory Coast attracted almost $10 billion in bids for its Eurobond auction on Thursday in a sale that came less than a month after a four-day mutiny by soldiers, according to a person familiar with the matter. The West African nation received about $4.8 billion in orders for the dollar portion of its debt sale and a further 4.4 billion euros ($4.9 billion) for the second tranche by the…

NTT Said to Mull Sale of African Business Worth $800 Million

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JOHANNESBURG (Capital Markets in Africa) – Nippon Telegraph & Telephone Corp. is considering the sale of African operations it acquired with the takeover of Dimension Data Holdings Ltd. and is open to approaches from interested buyers, according to three people familiar with the situation. The assets are valued by Japan’s former phone monopoly at about $800 million, said two of the people, who asked not to be identified as the matter hasn’t been made public….

Parallel Market Emerges in Nigeria’s Currency-Trading World

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LAGOS (Capital Markets in Africa) – A kind of parallel universe is taking shape in Nigeria’s foreign-exchange market. The African country’s traditional forwards market is facing competition from an upstart based on the new exchange-rate window policy makers opened six weeks ago. Bond investors and speculators are switching away from non-deliverable forwards that are linked to the main interbank exchange rate, which is tightly controlled by the central bank, and embracing the more liberal pricing…

British Pound Slides as U.K. Vote Springs Hung Parliament Before Brexit

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LONDON (Capital Markets in Africa) – The pound headed for the biggest drop in a year after it emerged that the ruling Conservative Party has fallen short of an overall majority, just 10 days before Brexit negotiations are set to begin. The currency slumped against all of its major peers as Theresa May’s Tories were set to miss the target of 326 seats needed to form a majority government, contrary to what many polls were predicting…

Nigeria Best Stock Performer Sees `Huge’ Growth on Vaccines

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LAGOS (Capital Markets in Africa) – May & Baker Nigeria Plc, which is establishing Nigeria’s sole vaccine-production facility in a partnership with the government, said it expects sales to soar when it starts manufacturing them within two years due to a shortage of supply in the region. “There is a huge potential for May & Baker,” Chief Executive Officer Nnamdi Okafor, 56, said in an interview in Lagos, Nigeria’s commercial capital. Revenue for the nation’s second-biggest pharmaceutical…

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