The Markets | - Part 227

Ghana to Sell $1 Billion Eurobond Despite Concern Over Costs

ACCRA, Ghana, Capital Markets in Africa: Ghana will sell $1 billion Eurobonds this year despite concerns about rising borrowing costs. The West African nation will offer the debt in either July or September, Minister of Finance Seth Terkper said in an interview in the capital, Accra. The country hired three transaction advisers and remains open to other funding options, Terkper said. A failure to issue a Eurobond would leave a $750 million hole in the 2016 budget with an…

Market Watch: Emerging Assets Rally Fourth Day Amid Bull Market in Commodities

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks rose for a fourth day with currencies as a surge in commodities boosted the outlook for exporting nations along with signs U.S. interest-rate increases will be gradual. Philippine shares climbed to a one-year high, Korean equities jumped and a gauge of Chinese mainland companies traded in Hong Kong capped its longest winning streak since April 2015. The MSCI Emerging Markets Index was poised for the steepest gain in almost two…

Desperate for Funding, Nigeria Prepares to Face Bond Investors

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LAGOS, Nigeria, Capital Markets in Africa: The odds are stacked against Nigeria as it looks to raise debt on the international markets for the first time in almost three years. Finance Minister Kemi Adeosun is leading a team of officials that will meet bond investors at London’s five-star Corinthia Hotel on Tuesday at a time when Africa’s biggest economy is on the verge of a recession, oil production has fallen to about a three-decade low, and the budget deficit…

Ghana Mulls Syndicated Loans After Abandoning Eurobond Sale

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ACCRA, Ghana, Capital Markets in Africa: Ghana is considering raising money through private bank loans, abandoning plans to sell as much as $1 billion of Eurobonds on concern its inability to raise targeted budget revenue may spark an investor selloff. With-lower-than-expected oil prices, the government can’t raise all the revenue needed to meet the budget gap, the Ministry of Finance said in a statement on its website. That may worry investors in Ghana’s Eurobonds and prompt them to…

Commodities Set to Break Into Bull Market After Four-Year Rout

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LAGOS, Nigeria, Capital Markets in Africa: The four-year bear market that pushed commodities to the lowest level in a quarter century is coming to end as supply constraints drive a recovery in everything from soybeans to zinc. The Bloomberg Commodity Index, which tracks returns from 22 raw materials, is on track to close more than 20 percent above its low on Jan. 20, meeting the common definition of a bull market. While the index has come close to…

South African Bonds Gain Most in Two Months With Rand on S&P

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Johannesburg, South Africa, Capital Markets in Africa: South African bonds gained, driving yields down the most in more than two months, after the country escaped a downgrade that would have left its debt rated so-called junk. Yields on benchmark rand bonds due December 2026 dropped 15 basis points, the most since March 13, to 9.04 percent by 3:23 p.m. in Johannesburg, adding to an 11-point decline on Friday after S&P Global Ratings affirmed South Africa’s…

Commodities Stand on Brink of Bull Market After Oil’s Recovery

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LAGOS, Nigeria, Capital Markets in Africa: Commodities are approaching a bull market after prices rebounded from the lowest in at least 25 years on a rally in oil, soybeans and zinc. The Bloomberg Commodity Index, which tracks returns from 22 raw materials, climbed 0.7 percent to 87.31 by 8:44 a.m. in New York. A close above 87.45 would mark a 20 percent advance, meeting the common definition of a bull market. Prices briefly surpassed that level today….

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