The Markets

LAGOS (Capital Markets in Africa) -The Nigerian state-owned energy company’s debt burden will become “a political hot potato” when the firm is overhauled under new legislation, FSDH Capital Ltd said. The Nigerian National Petroleum Corp.’s current liabilities exceed its assets by 4.56 trillion naira ($11.1 billion), according to its 2020 financial statements. President Muhammadu Buhari last month signed a law that aims to transform the energy industry in Africa’s biggest oil producer, including replacing the NNPC with…

After a bearish week last week and a bearish start to the current week, Bitcoin and the crypto majors found much-needed support this morning. At the time of writing, Bitcoin, BTC to USD, was up by 2.14% to $45,920.0. A mixed start to the day saw Bitcoin fall to an early morning low $44,699.0 before making a move. Steering clear of the first major support level at $43,311, Bitcoin rose to a late morning high $46,212.1….

LAGOS (Capital Markets in Africa) – Coinbase Global Inc., the biggest cryptocurrency exchange in the U.S., is looking to raise $1.5 billion in a debut bond offering, according to a statement Monday. Goldman Sachs Group Inc. is managing the sale from its high-yield syndicate desk and may price the deal as soon as Tuesday, according to a person with knowledge of the matter. The bonds will mature in seven and 10 years, and a call with investors…

LAUANDA (Capital Markets in Africa) – The state energy company of Angola, Africa’s second-biggest oil producer, posted a $3 billion loss last year after demand cratered following coronavirus-induced lockdowns across the world. The loss, the biggest in at least 10 years, compares with a net income of $125 million in 2019. The company had a “drastic reduction in revenue from sales of crude oil,” Sonangol, as the firm is called, said in a statement on its website. The…

CONAKRY (Capital Markets in Africa) – Aluminum climbed to the highest in more than a decade as political unrest in Guinea fueled concerns over supply of the raw material needed to make the metal.A unit of the military seized power and suspended the constitution, with head of special forces, Colonel Mamady Doumbouya, urging the army to back him. That rattled global aluminum markets Monday — prices in London notched a fresh 10-year high and futures…

LAGOS (Capital Markets in Africa) – Bitcoin surged Monday to a nearly three-month high as policy makers hashed out last-minute compromises over how to tax crypto assets. The largest digital coin rose as much as 5.4% to reach $46,245 during New York-trading hours. The rally is a continuation of recent momentum — the coin is up roughly 17% over the past week. Peer coins also benefited, with Dash, Ether and Litecoin, among others, each up…

NAIROBI (Capital Markets in Africa) – Kenya’s 91-day Treasury Bills yield dropped to the lowest in about 15 years as banks sought safer assets amid the coronavirus pandemic. The weighted average yield of the notes was at 6.513% at last week’s auction, the lowest since September 2006, according to Central Bank of Kenya data. The rate for 182-day bills was 7.046% and 364-day securities at 7.418%. “High liquidity has been attributed to cautiousness by banks amid the…