Bond | - Part 3

S&P/FMDQ Nigeria Sovereign Bond Index Launched To Mark Signing of MOU

LONDON, FEB 8, 2017: FMDQ OTC Securities Exchange (“FMDQ”), an organization fostering the development of the Nigerian over-the-counter (OTC) financial markets, and S&P Dow Jones Indices (S&P DJI), one of the world’s leading providers of financial market indices, announced today the signing of a Memorandum of Understanding for a strategic agreement to create and launch new, co-branded fixed income-based indices. The signing took place at a ceremony in Lagos. The agreement marks S&P DJI’s first-ever…

African Issuers Scrutinized After Mozambique’s Bond Default

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LAGOS (Capital Markets in Africa) – After Mozambique’s default, investors are wondering who’s next in Africa. Bloomberg’s sovereign credit risk model — which uses data including budget deficits, foreign reserves, non-performing bank loans and political instability to calculate default probabilities — flags four candidates among African Eurobond issuers: Senegal, Tunisia, Ghana, and Zambia. Mozambique became the first African country to default on dollar bonds since Ivory Coast in 2011 when it failed to settle an almost $60 million…

Expect No Mercy After Default, Bondholder Tells Mozambique

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MAPUTO (Capital Markets in Africa) – Mozambique became the first African nation to default since 2011 after failing to make an interest payment on a Eurobond before the grace period ended, according to a bondholder. The southern African nation did not pay a $60 million coupon on its $727 million of notes due in January 2023 by the close on Thursday, Lutz Roehmeyer, a fund manager at Landesbank Berlin Investment, said in an e-mailed response to questions. “The view on…

Emerging Market Stocks Pare Monthly Gain as Trump Trade Falters

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LAGOS (Capital Markets in Africa) – An index of emerging-market stocks retreated, paring its biggest monthly gain since March, as concern over the new U.S. administration’s unpredictability prompted investors to avoid riskier developing-nation assets. Yields on developing-nation bonds rose relative to U.S. Treasuries, though the Brazilian real and Polish zloty led gains in currencies against a weakening dollar. Equities in India, Russia, the United Arab Emirates, Egypt, the Philippines, Malaysia, South Korea and Qatar led emerging stocks lower. MSCI’s…

Nigeria raises local currency bonds at yields below inflation

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LAGOS (Reuters) – Nigeria has raised 214.95 billion naira ($704.18 mln) in local currency bonds at its first auction this year, with the debts sold at yields below galloping inflation, the Debt Management Office said on Thursday. Though yields were higher than at its last auction in December, the debt office said it received subscription of 235.05 billion naira for the bonds at the auction held on Wednesday. Annual inflation in Nigeria climbed to a…

Nigeria cuts size of domestic bond auction as yields rise

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LAGOS (Capital Markets in Africa) – Nigeria sold far fewer bonds than it offered on Wednesday, as investors worried about rising inflation demanded higher yields from a government looking to spend its way out of recession. Africa’s largest economy raised 69.2 billion naira ($227 mln) in bonds maturing in five, 10 and 20 years’ time, less than the 95 billion naira it had wanted. Investors were demanding yields of up to 18 percent for the…

Top Ghana Fund Sees Yields Headed for 2-Year Low After Election

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ACCRA (Capital Markets in Africa) – Ghana’s uncontested presidential vote will probably help spur the yield on its dollar debt to the lowest level since 2014, according to the nation’s biggest private fund manager. “Given the decisiveness of the numbers and how widely apart they are, it just shows investors that there’s no need to continue to price in any risk of a potential dispute,” said Courage Kingsley Martey at Accra-based Databank Group Ltd, the…

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