Bond | - Part 2

Foreigners Lapping Up Egypt’s Growing Supply of Cheap Debt

CAIRO (Capital Markets in Africa) – A flood of new issuance is offsetting foreign-investor demand for Egyptian debt, keeping yields among the highest in emerging markets. Offshore investors boosted holdings of government Treasury bills to 79 billion pounds ($4.4 billion) as of April 4, compared with less than 1 billion pounds before a currency devaluation in November, according to Finance Ministry data. Government borrowing is already 11 percent higher than the target this year, and…

“Junk”-rated debt could cost South Africa more than $10bn in lost funds

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – If South Africa loses two of its prized investment grade credit ratings for foreign and local currency borrowing in the turmoil triggered by the sacking of the finance minister, the country could lose more than $10 billion in investment funds. S&P Global has already struck. In an unscheduled review on Monday that prompted a selloff in South African assets, it cut the sovereign rating for external debt to BB+, one…

South African markets fall sharply after S&P downgrade

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa): South Africa’s rand, bonds and banking shares tumbled sharply on Tuesday after S&P Global Ratings cut the country’s credit rating to junk in response to President Jacob Zuma’s move to sack its respected finance minister. Zuma’s cabinet reshuffle has triggered public criticism from within the ruling African National Congress (ANC) and pressure is likely to mount on the president after the credit agency handed South Africa its first downgrade since…

Ghana $2.2 bln debt sale boosts Central Bank reserves by one-third

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghana has raised $2.2 billion from a sale of long-dated domestic bonds on Friday, boosting its central bank reserves by one-third, transaction leads and central bank sources said on Monday. Offshore buyers constituted 90 percent of accepted bids, according to Barclays Bank Ghana sources. The cedi fell to a record low of 4.7420 to the dollar last month but rallied to 4.2750 by noon (1200 GMT) on Monday, down…

Enko Capital Starts $200 Million Bond Fund Focused on Africa

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Enko Capital Management LLP is starting a $200 million bond fund that will focus on African sovereign and corporate debt to provide investors with yields higher than those available in developed markets. African and European institutions are backing the fund, which aims to eventually raise as much as $1 billion, and has so far invested in Zambian, Ghanaian and Nigerian government bonds, Alain Nkontchou, managing partner of Enko Capital, said by phone from London. Enko…

Kenya sells bond over mobile phones in world first

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenyans can now buy government bonds using only their mobile phones. The nation’s Treasury on Thursday began selling 150 million shillings ($1.5 million) of three-year debt using a platform known as M-Akiba, the first such product across East Africa. “For the first time we will provide government securities to the entire population,” Central Bank Governor Patrick Njoroge said at a briefing in the capital, Nairobi. “This will dramatically change the savings…

Africa Finance Corporation carries out $150 million Sukuk on Nasdaq Dubai

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Africa Finance Corporation (AFC) has carried out a 150 million US dollar Islamic financing transaction on the Murabahah platform of Nasdaq Dubai, the international financial exchange serving the Middle East and Africa. The transaction was executed to facilitate the issuance by AFC of a 150 million US dollar Sukuk, which was the first US dollar Sukuk to be issued by any multilateral African institution. It was also the first…

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