The Markets | - Part 216

Tullow Oil Confirms Insurance for Jubilee Field Output Losses

ACCRA (Capital Markets in Africa) – Tullow Oil Plc confirmed that insurance would cover losses associated with a technical issue that disrupted output at its flagship asset in Ghana. The Africa-focused oil explorer and producer received confirmation from its lead insurers that they accept there is a recoverable claim, according to a statement Friday. The London-based company did not disclose the scale of losses caused when production was halted at the Jubilee field from March 20…

South Africa Seals Lowest Dollar-Borrowing Costs Yet in Sale

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JOHANNESBURG (Capital Markets in Africa) – South Africa achieved its lowest borrowing costs yet for dollar-denominated debt, taking advantage of demand for emerging-market debt to raise $3 billion as rating companies prepare to review the country’s creditworthiness. In its second foray into international debt markets this year, the country sold $2 billion of 12-year notes and $1 billion of 30-year securities with investors in Asia, Europe and the U.S. who placed orders for 2.5 times the amount,…

Locals on Sidelines as Foreigners Reap South Africa Debt Reward

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JOHANNESBURG (Capital Markets in Africa) – South Africa is looking better from the outside than the inside, judging by the behaviour of bond investors. Foreign holdings of South African government securities are at the highest in two years, with inflows of 62 billion rand ($4.5 billion) this year, compared with 6 billion rand in the corresponding period last year. By contrast, domestic pension funds, historically the biggest investors in government debt, in August reduced their stock to…

Eurobond Investors Warm to Nigeria as OPEC Deal Aids Rally

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LAGOS (Capital Markets in Africa) – Nigeria, heading for its first full-year contraction in 25 years and in need of funding to cover a record budget deficit, may take heart from the performance of its dollar debt and OPEC’s agreement to cut oil production as the West African country prepares to tap the Eurobond market for the first time since 2013. Demand for the nation’s U.S. currency-denominated securities drove yields to the lowest in 15 months, handing…

Gas shortages turn Nigeria’s Dangote to coal to power cement

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LAGOS (Capital Markets in Africa) – Nigeria’s Dangote Cement has turned to locally-mined coal to power its plants in a bid to end disruptions caused by gas shortages and lower its production costs. “All our cement plants have been converted to coal,” Aliko Dangote, the company’s billionaire majority owner and chairman, told a business conference on Thursday, adding they would use 12,000 metric tonnes of coal each day. Dangote’s move is unusual in an era…

Nigeria’s Sahara puts IPO and asset buys on ice

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LAGOS (Capital Markets in Africa) – Nigeria’s Sahara has put on hold a planned initial public offering and bond sale that was aimed at financing more oil asset purchases until the investment prospects for oil and gas improve. A year ago Sahara was pursuing a dual listing on the London and Lagos stock exchanges and road showing a bond in an effort to raise more than $1 billion to buy oil and gas assets and…

African sovereign trio add to growing appeal for sukuk

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DAKAR (Capital Markets in Africa) – Senegal has upsized its second sale of sovereign sukuk, with Ivory Coast and Togo expected to close their own deals in coming days, as Islamic finance gains traction as an alternative funding option for African sovereigns. Despite strong growth in the Middle East and Southeast Asia, Islamic finance has lagged in Africa although it could be an important growth driver for the industry as it is home to a…

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