The Markets | - Part 193

Egypt Eyes Taking Bond Sales Eastward After $4 Billion Offer

CAIRO (Capital Markets in Africa) – Egypt may sell bonds in Japanese yen and Chinese yuan after the country raised $4 billion in its first foray into international capital markets since a currency devaluation in November. The sale of dollar-denominated bonds across three maturities on Tuesday was covered “multiple times,” and the country is now “studying carefully” future sales of notes in the Japanese and Chinese currencies, Finance Minister Amr El-Garhy said in an interview Wednesday with Bloomberg TV in…

Bidvest Can Tap $1 Billion for Deals Outside South Africa

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JOHANNESBURG (Capital Markets in Africa) – Bidvest Group Ltd. is seeking deals outside its South African home market and could borrow as much as $1 billion for acquisitions after it spun off its food-services unit last year, its chief executive officer said. Lindsay Ralphs, the CEO, is plotting Bidvest’s next phase of growth after the Johannesburg-based company listed Bid Corp Ltd., which is about 40 percent larger by market capitalization at 80 billion rand ($6 billion). Now…

Libya’s NOC Says Oil Output Is at Three-Year High and Rising

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TRIPOLI (Capital Markets in Africa) – Libya is pumping 715,000 barrels a day of oil, the most since 2014, and is on track to keep boosting output this year as the country restores much of the production lost amid political chaos and conflict, the state oil company’s chairman said. Blockades at the North African state’s main oil ports have ended, and output may reach 1.25 million barrels a day by year-end of 2017, National Oil…

Goldman Hails Global Rebound as Currie Sees Commodity Demand

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LONDON (Capital Markets in Africa) – Commodities will be supported in the months ahead by a global rebound spanning the U.S., Europe, and China that’s buttressing worldwide demand for raw materials, according to Goldman Sachs Group Inc. “We’re seeing a cyclical uptick in global economic activity and that’s driving demand, not only for oil but all commodities,” Jeffrey Currie, head of commodities research, said in Hong Kong on Tuesday. “That’s the core reason why we upgraded our outlook…

Egypt Mulls Highest Borrowing Cost in 16 Years for Bond Sale

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CAIRO (Capital Markets in Africa) – Egypt is tapping investors in a sale of dollar-denominated bonds, offering to pay them the highest coupon since 2001 and its first venture into international capital markets since a currency devaluation in November. Africa’s third-biggest economy is offering three maturities of debt, with an initial yield target between 7.625 percent and 7.875 percent on 10-year bonds, according to a person familiar with the matter who isn’t permitted to speak publicly…

Mozambique Eurobond Default Heralds Lengthy Uncertainty, Fitch Says

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MAPUTO (Capital Markets in Africa) – Fitch Ratings-London-20 January 2017: Mozambique’s failure to pay USD59.8m in interest on a sovereign Eurobond points to an extended period of uncertainty as the country seeks to restructure its debt, Fitch Ratings says. It has no sovereign rating impact because Fitch already downgraded Mozambique’s Long-Term Foreign Currency Issuer Default Rating to ‘RD’ in November after confirmation that a state-owned enterprise missed a payment on a sovereign-guaranteed loan in May…

History Shows Best Equity Gains Come From Emerging Markets

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LAGOS (Capital Markets in Africa) – If you want world-beating returns from your equity investments year after year, avoiding emerging markets isn’t an option. The top 10 stock indexes that gave global investors the greatest returns in 2016 were all emerging or frontier markets, according to data compiled by Bloomberg. That’s not a fluke: over the past 20 years, nine out of 10 best-performing equity gauges have been in developing nations, the figures show. Investors often think of emerging…

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