African Eurobond |

Egypt Plans Up to $7 Billion in International Bond Sale in 1Q

CAIRO (Capital Markets in Africa) – Egypt plans to issue between $3 billion and $7 billion worth of international bonds in the first quarter of the year, Finance Minister Mohamed Maait said Sunday, as an outflow of foreign capital in local debt markets could test its ability to meet budget deficit reduction targets. The cabinet has given “us the flexibility to issue what we need within this range” and also flexibility regarding the currencies, Maait said in…

Ghana Said to Target Swift Sale of $3 Billion in Eurobonds

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ACCRA (Capital Markets in Africa) – Ghana is favoring a sale of as much as $3 billion in Eurobonds this quarter as the country seeks to finance its budget and reduce borrowing costs, according to two people familiar with the matter. While the West African nation’s budget requires net foreign financing of 9.8 billion cedis ($2 billion), it will seek an additional $1 billion if it’s able to issue debt at lower rates than what it’s…

Ivory Coast Is Said to Plan Eurobond Sale of at Least $1 Billion

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ABIDJAN (Capital Markets in Africa) – Ivory Coast is planning to sell at least $1 billion in Eurobonds as the West African nation weighs its finance needs against rising debt costs, according to three people familiar with the matter. The world’s top cocoa grower, which budgeted to raise 1.44 trillion CFA francs ($2.5 billion) in debt in 2019, is reviewing the amount of securities it can sell on the regional market and will seek the remaining…

Mozambique Loan Bribe Claims May Void Debts, Law Professor Says

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MAPUTO (Capital Markets in Africa) – The arrest of Mozambique’s ex-finance minister and three former Credit Suisse AG managers over alleged bribes could render void about $2 billion of project loans to the country, according to Mitu Gulati, a law professor at Duke University in the U.S. The projects, a tuna fishing and coastal protection system, were created to enrich those involved, and at least $200 million of the proceeds went to bribes and kickbacks, according to an…

Nigeria’s $2.86 Billion Eurobond Offers More But Gets Less

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LAGOS (Capital Markets in Africa) – Nigeria’s sale of $2.86 billion eurobonds failed to attract as much interest as previous issues even though it offered yields that were considerably higher. Friday’s offering in London, issued in three tranches, attracted bids of $9.5 billion for notes with yields as high as 8.75 percent and 9.25 percent for two of the tranches. Earlier this year a $2.5 billion, two-tranche offering of 12- and 20-year securities, yielding 7.14 percent…

As Emerging-Market Assets Tumble, South Africa Sells Eurobonds

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JOHANNESBURG (Capital Markets in Africa) – South Africa offered a premium for selling Eurobonds just as investors are fleeing emerging-market assets. That it got a sale away at all is evidence of investors’ faith in the country’s new leadership, according to Manulife Asset Management Ltd. and Rand Merchant Bank. Africa’s most industrialized economy raised $2 billion from notes maturing in 2030 and 2048, and priced at 5.875 percent and 6.3 percent respectively, the National Treasury said in an emailed…

Ghana Weighs Panda to Samurai as $2.5 Billion Bond Sale Nears

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ACCRA (Capital Markets in Africa) – Ghana is considering selling bonds from China to Japan as the country prepares to issue as much as $2.5 billion in foreign-currency debt this year. Last month, lawmakers in the West African nation gave approval for the Finance Ministry to proceed with a debt sale. Ghana will use $1 billion to help meet its 2018 budget and the remainder to refinance dollar bonds of as much as $1.5 billion should…

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