Bond | - Part 6

Ivory Coast returns to sovereign sukuk market, after Togo debut

ABIDJAN, Capital Markets in Africa: Ivory Coast plans to complete a sale of 150 billion CFA francs ($263 million) worth of Islamic bonds later this month, the transaction’s lead arranger said on Tuesday, following Togo’s debut sale of sovereign sukuk launched last month. The two West African nations join Senegal in tapping the market for sukuk, helping expand the use of Islamic financing options outside of the industry’s core centres in the Middle East and…

Emerging Markets Rally to One-Year Highs on Stimulus Prospects

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks and currencies rose to their highest levels in more than a year as prospects for central bank stimulus and a better-than-expected U.S. jobs report fueled demand for higher-yielding assets. Turkish bonds rallied and the lira strengthened after Moody’s Investor Service delayed a potential sovereign downgrade. South Korean stocks rallied after S&P Global Ratings raised the country’ credit ranking. Russia’s ruble rose for a fifth day as oil sold for more than…

Market Watch: Emerging-Market Stocks Advance With Volatility at 11-Year Low

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks rose toward the highest level since China’s currency devaluation last year, while volatility fell to an 11-year low, on optimism earnings are improving and central banks remain supportive of growth. Egyptian stocks rallied the most in the world after the government said it’s nearing the final stages of talks for an International Monetary Fund loan. Turkey’s benchmark index headed for a one-week high, rising with the country’s bonds and currency,…

Ghana Bond Yields Rise Most in Four Months as Deficit Widens

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ACCRA, Ghana, Capital Markets in Africa: Yields on Ghana’s bonds surged the most in four months after Finance Minister Seth Terkper said the West Africa nation will increase spending even as a budget deficit is seen widening due to lower revenues from oil. Yields on Ghana’s $1 billion of Eurobonds due August 2023 rose 35 basis points to 10.06 percent at 2:37 p.m. in the capital, Accra, the most on a closing basis since April 5. The country’s…

Emerging Stocks Rise Sixth Day on Mounting Stimulus Speculation

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks headed for their longest winning streak since April and currencies rose to the strongest against the dollar in almost a year as optimism over prospects for stimulus in major economies boosted demand for riskier assets. Energy stocks led the MSCI Emerging Markets Index to a sixth consecutive gain as oil prices climbed. Turkey’s equity benchmark increased to the highest in two months. A gauge of mainland Chinese companies traded in Hong…

Emerging Markets Head for Best Month Since March on Stimulus Bet

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LAGOS, Nigeria, Capital Markets in Africa: Emerging markets rose for a third day, pushing stocks and currencies toward their biggest monthly gains since March, as central banks signaled readiness to quell turmoil after the U.K.’s vote to leave the European Union. Equities took back almost all the losses posted in the wake of Britain’s referendum as central bankers from Asia to Europe said they have tools to respond to the fallout. Federal Reserve Bank of St. Louis President…

AngloGold Plans to Buy Back $475 Million of High-Yield Bonds

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GHANA, Capital Markets in Africa: AngloGold Ashanti Limited, the world’s third-largest miner of the metal, said it plans to redeem about $475 million outstanding on a $1.25 billion high-yield bond that was issued in 2013. AngloGold will pay $1,063.75 for every $1,000 of bonds, exercising the notes’ call option, the Johannesburg-based company said in a statement Tuesday. The coupon on the debt is 8.5 percent and the sum outstanding attracts an interest charge of $40 million a year, spokesman Stewart…

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