The Markets | - Part 209

Egypt’s Upside-Down Bond Market Vindicates Shock Devaluation

CAIRO (Capital Markets in Africa) – A bond-market quirk is vindicating Egypt’s decision to undertake the world’s biggest currency devaluation in at least two years. The yield on the government’s shortest-maturity treasury bills is higher than the rate on its longest debt for the first time since Bloomberg started tracking the market in 2006. That so-called yield inversion is a welcome signal because it points to slower inflation and lower interest rates in the future, according…

Zambia to re-finance $2.8 billion Eurobonds in 2017, Nigeria targets 2.1 mln b/d in January

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Zambia plans to refinance Eurobonds totalling around $2.8 billion that it issued between 2012 and 2015, Finance Minister Felix Mutati said on Wednesday. “The strategy for the Eurobonds next year is refinancing. We want to refinance the Eurobonds and get longer dated bonds at a bit of lower cost so that we minimise our debt,” Mutati told reporters. Mutati said the equivalent of 19 percent of Zambia’s gross domestic…

South Africa’s rand rallies, stocks slide to 10-month low

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s rand rallied to its firmest in nearly a month on Tuesday, brushing off a poor economic growth print as a weaker dollar and bets on improvement in commodity prices boosted appetite for emerging currencies. Stocks ended lower in a broad-based sell-off that sent the benchmark index to its lowest level in nearly 10 months as weaker metal prices pressured heavily weighted mining shares. By 1530 GMT the…

Oil dips as OPEC joins Russia in upping output ahead of production cut

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Oil prices eased on Tuesday as crude output rose in virtually every major export region despite plans by OPEC and Russia to cut production, triggering fears that a fuel glut that has dogged markets for over two years might last well into 2017. International Brent crude oil futures were trading at $54.75 per barrel at 0807 GMT, down 19 cents, or 0.3 percent, from Monday’s close. U.S. West Texas…

How much will OPEC’s decision to cut 1.2 million b/d bolster oil price?

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – In what has been described as a ‘historic decision,’ OPEC member nations have agreed to cut production by 1.2 million barrels per day (b/d) for six months, beginning 1 January 2017. The group has stated that to rebalance the oil market, cuts are necessary not only from OPEC, but also from other key producers. OPEC stated that these non-OPEC producers can achieve at least 600,000 b/d in additional production cuts, with…

Mozambique bondholders call debt-restructuring deadline a “pipe dream”

Posted on by The Editorial Team

MAPUTO (Capital Markets in Africa) – Debt-ridden Mozambique has no chance of meeting its year-end deadline for a restructuring deal, according to investors who are preparing to dig in their heels until the country comes clear on what it owes and to whom. The southern African country, one of the world’s poorest, has seen its currency and investor confidence collapse since April, when the International Monetary Fund halted a loan after uncovering previously undisclosed debts that…

Citi Makes a Clarion Call for Commodity Bulls With 2017 View

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Citigroup Inc. has given a clarion call for commodity bulls, predicting that most raw materials are expected to perform strongly next year as global economic growth picks up, the oversupply that’s dogged markets finally dissipates and investors plow in more funds. The bank is bullish on oil, copper, zinc, and wheat on a six to 12-month horizon, with global growth seen at 2.7 percent from 2.5 percent in 2016, according to an e-mailed…

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