The Markets | - Part 210

Free-Float Rollback Targeted in Nigeria Lawmaker’s Currency Bill

LAGOS (Capital Markets in Africa) – A Nigerian lawmaker is proposing a new currency law that would give the central bank legal powers to set exchange rates, effectively rolling back the nation’s six-month-old free float. The bill, sponsored by opposition politician John Enoh, would repeal existing foreign-exchange legislation, under which market rates are “mutually agreed” between counterparties, and allow the Abuja-based regulator to decide those rates itself. The draft has been through two readings in the Senate and will…

OPEC’s Ideal Price Is $60 to Avoid Shale Revival, Nigeria Says

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Oil prices at $60 a barrel would be “ideal” for OPEC, as higher levels risk sparking a recovery in competing supplies from the U.S., according to Nigeria’s petroleum minister. The “urgency” felt by the Organization of Petroleum Exporting Countries and its partners to end the oil rout will ensure they adhere to their Dec. 10 agreement to cut supplies, Emmanuel Kachikwu said in a Bloomberg Televisioninterview. The accord should push prices…

Tanzania aims for debut Eurobond in 2017/18 – ministry

Posted on by The Editorial Team

DAR ES SALAAM (Capital Markets in Africa) – Tanzania aims to issue its first Eurobond in fiscal 2017/18 to fund new infrastructure, the Finance and Planning Ministry said on Thursday, after repeated delays in the launch as it sought a credit rating. It did not say how much the bond would be worth, but said the government wanted to raise $900 million in the financial year starting July 1 to fund infrastructure projects. President John…

African debt capital markets resilient in face of growth challenges

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Debt capital markets in Africa remain resilient, displaying innovation in response to challenging regional and global environments. A review of the continent’s activity in debt capital markets reveals continued growth in issuance, including the evolution of new asset classes. These positive trends speak well to both the resilience and future growth prospects of Africa’s debt capital markets. Debt capital markets across Africa’s sub-regions have remained robust despite the macroeconomic…

Nigeria Plans $3.2 Billion Capitalization for Farming Lender

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria plans to capitalize its state-owned Bank of Agriculture with 1 trillion nairas ($3.2 billion) and will allow the lender to take deposits as Africa’s most-populous nation seeks to boost farming output and reduce food imports. “We are looking at 25 million farmers” as stakeholders or depositors, Agriculture and Rural Development Minister Audu Ogbeh said in an interview Monday in the capital, Abuja. “We are probably going to take a major step…

Egypt’s Upside-Down Bond Market Vindicates Shock Devaluation

Posted on by The Editorial Team

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…

« 1 … 208 209 210 211 212 … 261 »