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Mozambique May Defaults on Eurobond Next Week, JPMorgan Says

MAPUTO (Capital Markets in Africa) – Mozambique is “highly unlikely” to pay a $60 million coupon on January 18, JPMorgan Chase & Co. said, sending the government’s Eurobond tumbling closer to an all-time low. The $727 million of notes due in January 2023 fell 3.2 percent to 57.999 cents on the dollar as of 2:12 p.m. in London, trading less than 2 cents away from an all-time low. The yield rose 90 basis points to 24.05…

Devaluation Looms for Nigeria Even as Forwards Ease on Oil

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The Nigerian naira’s recovery in the forwards market may be deceptive. The currency is destined to weaken, however, long policy makers hold out. Six-month contracts declined to their lowest level since September last week as crude oil, Nigeria’s top export, advanced about 20 percent after OPEC agreed to a production cut in November. A drop in forwards would typically be a sign of growing confidence in a nation’s economy and currency, but…

Shell Pipeline Fire Threatens to Deepen Nigerian Oil Output Drop

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Royal Dutch Shell Plc shut the Trans Niger oil pipeline after a fire, threatening to worsen a drop in Nigerian output due to unplanned disruptions. The line can transport about 180,000 barrels a day to the Bonny Export Terminal in the Niger Delta was halted Tuesday due to a blaze at Kpor in Ogoniland, Precious Okolobo, a company spokesman in Lagos, said Thursday by phone. Shell declined to comment on the…

Kenya Shilling Seen Weakening Further as Forex Reserves Drop

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – The Kenyan currency could weaken at a much faster pace this year, compared with 2016, as falling foreign-exchange reserves impede the central bank’s ability to intervene in support of the shilling. Kenya’s central bank, which has been selling dollars to boost the shilling, has stayed away from the market this year after frequent intervention throughout 2016 that kept the unit fairly stable, according to Faith Atiti, an economist at Commercial Bank…

Oil Trader Gunvor Suing Cerberus Over Failed Chevron Africa Bid

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Oil trader Gunvor Group is suing Cerberus Capital Management alleging that the private equity firm is refusing to pay its share of costs incurred when the two companies made a failed $650 million bid for Chevron Corp. assets in South Africa. While a relatively small amount of money is at stake, the suit sheds light on the acquisition campaign now under way after Gunvor sold the bulk of its Russian…

Ouattara Alliance Wins Ivory Coast Vote as Independents Gain

Posted on by The Editorial Team

ABIDJAN (Capital Markets in Africa) – Ivory Coast President Alassane Ouattara’s ruling coalition won an almost two-thirds majority in parliament, while the victory of a record 75 independent candidates showed growing discontent with the government and the opposition. Ouattara’s Rally of Houphouetists for Democracy and Peace won 167 of the 255 seats contested in Sunday’s election, Youssouf Bakayoko, head of the electoral commission, told reporters in the commercial capital, Abidjan. It was the second parliamentary vote…

World Bank units add $517 mln to Ghana oil, gas project financing

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – The World Bank Group said on Thursday it two of its units would provide another $517 million to Ghana in debt and guarantees to support the $7.7 billion Sankofa oil and gas project developed by Italy’s ENI SpA and upstream trader Vitol Ghana. The financing adds to a $700 million World Bank guarantee package announced in July and brings the institution’s total financing to around $1.217 billion for the…

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