The Markets | - Part 213

World Bank Fund For World’s Poorest Nations to Issue First Bonds

LAGOS, Capital Markets in Africa: The World Bank’s fund for the poorest countries is preparing to tap financial markets for the first time. The International Development Association plans to issue bonds to finance its loans and grants to countries such as Malawi and Niger. Created in 1960, IDA provides loans that charge no interest or very low rates primarily to countries that have an annual per capita income below $1,215. It also gives grants to…

Lafarge Africa raises 60 bln naira in bond issues

Posted on by The Editorial Team

LAGOS, Capital Markets in Africa: Lafarge Africa said on Thursday it has raised 60 billion naira ($184 million) by issuing three and five-year bonds through book building. The local unit of the world’s biggest cement maker, LafargeHolcim, issued a three-year bond at 14.25 percent to raise 26.38 billion naira and sold a five-year bond at 14.75 percent to fetch 33.62 billion naira, it said in a statement. The cement and clinker mixer said in April…

Ugandan firm to open gold refinery by end of 2016

Posted on by The Editorial Team

KAMPALA, Capital Markets in Africa: A Ugandan company backed by a Belgian investor is due to open the East African country’s first gold refinery by the end of this year to process raw gold produced mainly from the region, a senior company official told Reuters. Uganda’s mineral reserves are generally viewed as under exploited. Although there are gold deposits, it has no big commercial mine involved in production of the precious metal, leaving the field…

Saudis Said to Meet With Iran for Oil Talks Before Algiers

Posted on by The Editorial Team

ALGIERS, Capital Markets in Africa: OPEC members Saudi Arabia and Iran, whose rivalry derailed an oil supply accord earlier this year, met in Vienna a week before the organization holds talks in Algeria. The two oil producers, along with fellow OPEC member Qatar, met at the headquarters of the Organization of Petroleum Exporting Countries in Vienna, according to three people familiar with the matter. They were making preparations for informal discussions between energy ministers from OPEC and…

Kenyan Bond Yields at 14-Month Lows as Rate Cap Hurts Stocks

Posted on by The Editorial Team

NAIROBI, Capital Markets in Africa: Yields on Kenyan government bonds dropped to the lowest in 14 months after a new law capping interest rates charged by commercial banks sparked a stock market slump, sending investors scurrying for the safety of fixed-income securities. Kenyan shilling debt has returned 6.7 percent this quarter, compared with the 3.9 percent average return of high-yield local-currency sovereign debt monitored by Bloomberg. The benchmark stock index plunged 9.2 percent in the…

Namibian President Says $5 Billion Funding Hinges on S. Africa

Posted on by The Editorial Team

WINDHOEK, Capital Markets in Africa: Namibia will seek to raise about $5 billion in loans and bonds over the next decade to help diversify and industrialize its economy with any debt sales to take place in South Africa, according to the country’s president. The southwest African nation plans to issue rand-denominated bonds and get funding from countries including the U.S., China, India and Japan, according to President Hage Geingob. “We’re looking at the South African bond market…

OPEC May Hold Formal Meeting in Algiers as Oil Glut Persists

Posted on by The Editorial Team

ALGIERS, Capital Markets in Africa: OPEC may turn its planned informal meeting in Algiers next week into a formal session as it seeks ways with other producers to cut crude supplies by 1 million barrels a day to re-balance markets and stabilize prices, Algerian Energy Minister Noureddine Bouterfa said. OPEC will hold an informal meeting after the closing session of the International Energy Forum conference in Algiers on the afternoon of Sept. 28, Bouterfa said on public radio….

« 1 … 211 212 213 214 215 … 255 »