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Foreign Holdings of Egypt Debt Reach $7.5 Billion, Official Says

CAIRO (Capital Markets in Africa) – Foreign investors are lapping up Egypt’s local-currency debt. Overseas holdings of Treasury bills rose by more than 10 percent in a week to 136 billion pounds ($7.5 billion) as of May 30, Samy Khallaf, head of the Finance Ministry’s public debt division, said on Wednesday. That compares with about 10.1 billion pounds at the end of December, central bank data show. Investors have been pouring money into Egyptian debt and…

Mozambique bondholders call debt-restructuring deadline a “pipe dream”

Posted on by The Editorial Team

MAPUTO (Capital Markets in Africa) – Debt-ridden Mozambique has no chance of meeting its year-end deadline for a restructuring deal, according to investors who are preparing to dig in their heels until the country comes clear on what it owes and to whom. The southern African country, one of the world’s poorest, has seen its currency and investor confidence collapse since April, when the International Monetary Fund halted a loan after uncovering previously undisclosed debts that…

Nigeria Capital Markets Update Week Ending Nov 11 2016

Posted on by The Editorial Team

Equities Market Review and Outlook Unperturbed by events in the global political environment, the Nigerian equities market maintained its bearish momentum. The local Bourse closed lower all through the week save for Thursday due to strong interest in Banking Stocks. Consequently, the All Share Index (ASI) slumped 3.0% W-o-W in contrast to the dramatic surge in share prices in major exchanges around the world. The weak performance of the benchmark index was driven by heavy…

Nigeria Capital Markets Update Week Ending Nov 04 2016

Posted on by The Editorial Team

Equities Market Review and Outlook Sentiments in the Nigerian equities market remained bearish during the week amid an influx of unimpressive Q3:2016 earnings releases as the All Share Index (ASI) slid 1.1% W-o-W while YTD loss worsened to -5.8%. Market capitalization contracted to N9.3tn as investors lost a total of N86.4bn. On Monday, the market halted its 3-day gaining streak, ending the month of October on a negative note, down 4.1% M-o-M. However, investors took…

Afreximbank raises more than $3 bln to fund work, but demands soar

Posted on by The Editorial Team

KIGALI (Capital Markets in Africa) – The African Export-Import Bank (Afreximbank) has already secured more than the $3 billion it had sought to raise by the end of 2016 to fund its activities, with about $1 billion coming from Eurobonds, a senior executive said on Thursday. But Cairo-based Afreximbank Executive Vice-President George Elombi also told Reuters the bank did not have enough resources to meet the continent’s soaring demand for financing from African economies hurt…

MTN Raises $1 Billion in Bond Sale to Fund Capital Expenditure

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd., Africa’s largest wireless carrier by sales, raised $1 billion through the sale of bonds to boost working capital and fund capital expenditure. The Johannesburg-based company sold $500 million of February 2022 notes with a coupon of 5.373 percent and the same amount of October 2026 securities at 6.5 percent, MTN said in a statement on Thursday. The company sought funds after reporting its first-ever half-year loss,…

MTN Returns to Eurobond Market With Two Notes to Fund Growth

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – MTN Group Limited returned to the Eurobond market for the first time since 2014 as Africa’s biggest wireless carrier by sales seeks funds for investment. The mobile-phone company is offering a five-year note at a yield ranging from 5.375 percent to 5.5 percent, according to a person familiar with the matter, who asked not to be identified because the information is private. MTN is also marketing a 10-year bond at…

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