The Markets | - Part 201

West Africa Oil Floods to Asia in Latest Sign of OPEC Impact

LAGOS (Capital Markets in Africa) – West African oil producers will next month send the most crude to Asia in at least five years, the latest sign of how refineries in the world’s biggest demand region are scouring the world to replace supplies cut by OPEC’s Middle East producers. Shipments on the trade route, among the longest for supertankers, are set to soar to 2.19 million barrels a day in February, the highest level since…

Record Egypt-Tied Note Issuance Highlights IMF Loan Cheer

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Investors are rushing back to structured notes tied to Egypt following a currency float and an International Monetary Fund loan last quarter, six years after a revolution that had scared them off. Citigroup Inc. issued all four of the recorded credit-linked notes this month raising a total of 2.3 billion Egyptian pounds ($121 million), the most for a single month on record, according to data compiled by Bloomberg. The biggest was…

Lonmin Drops Most in a Year as Output Falls at Biggest Shaft

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Lonmin Plc, the world’s third-largest platinum miner, plunged the most in more than 12 months after stoppages at its biggest shaft caused output to slide. Lonmin dropped as much as 19 percent in London on Thursday, the largest intraday decline since Dec. 18, 2015, and traded at 143.5 pence as of 1:32 p.m. local time. It was the worst performer on the FTSE SmallCap Index. Fiscal first-quarter ore production at…

Tunisia to start roadshow for 1 bln Eurobond on Feb. 5

Posted on by The Editorial Team

TUNIS (Capital Markets in Africa) – Tunisia will start a road show for a Eurobond worth one billion euros on Feb. 5 with pricing set for Feb. 14 at 5-6 percent, a government source told Reuters on Thursday. Tunisia had announced in late November plans to issue a Eurobond worth 1 billion euros as it seeks funding to cover its deficit after the economy was hard hit following militant attacks against its tourism industry. Since…

Nigeria’s woes won’t deter investors from buying dollar bonds

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Investors are lining up to buy dollar bonds Nigeria is expected to issue soon despite the country’s first recession in a quarter of a century, a currency crisis and budget shortfalls driven by low oil prices. On the face of it, the $1 billion of bonds Nigeria hopes to sell by the end of March might seem unattractive, especially at a time sentiment towards African debt has soured after…

Tanzania Telecom Talking to Banks on $300 Million Expansion

Posted on by The Editorial Team

DAR Es Salam (Capital Markets in Africa) – Tanzania Telecommunications Co., the state-owned phone company, said it’s in talks with banks to raise funds for a $300 million expansion program to take on larger rivals including Vodacom Tanzania Ltd. An unspecified amount of funding has already been secured from the state-owned TIB Development Bank for the five-year strategy, acting Chief Executive Officer Waziri Kindamba said in an interview Tuesday in the commercial capital, Dar es Salaam. The company,…

Egypt Eyes Taking Bond Sales Eastward After $4 Billion Offer

Posted on by The Editorial Team

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…

« 1 … 199 200 201 202 203 … 259 »