Eurobond | - Part 2

African capital markets Activity shows significant decline in 2016, says PwC

JOHANNESBURG (Capital Markets in Africa) – 2016 marked a challenging year for African equity markets in the wake of lower economic growth and political upheaval around the globe, largely as a result of the US elections cycle and the Brexit vote. African equity capital markets (ECM) broke a streak of three successive years of growth, recording a decline in overall ECM activity of 28% from 2015 in the number of transactions and 33% from 2015…

Nigeria sells US$1 billion to Eurobond Market Despite Investors’ Naira Concern

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LAGOS (Capital Markets in Africa) – Nigeria returned to international capital markets for the first time since 2013 and sold US$1 billion of 15-year bonds at 7.875 percent, which is below the initial target of about 8.5 percent. The US$ 1 billion Eurobond was approved by the Nigeria’s parliament to help finance its budget deficit -mainly for capital expenditures. Nigeria’s economic growth and U.S. dollar earnings are likely to gradually improve in 2017, supported by…

Been-Here-Before Feeling Saps Ghana Bonds Amid $1.6 Billion Hole

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ACCRA (Capital Markets in Africa)- The West African nation’s ballooning budget gap has dismayed investors betting the combination of a new government and an International Monetary Fund program would bring the country’s finances under control. The discovery of a 7 billion-cedi ($1.6 billion) hole is reviving memories of 2015 when Ghana’s economy was in tatters amid a slowdown in commodity prices and excessive spending. “There were some hopes that finally, under the previous government, and with the IMF’s…

Tunisia to start roadshow for 1 bln Eurobond on Feb. 5

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TUNIS (Capital Markets in Africa) – Tunisia will start a road show for a Eurobond worth one billion euros on Feb. 5 with pricing set for Feb. 14 at 5-6 percent, a government source told Reuters on Thursday. Tunisia had announced in late November plans to issue a Eurobond worth 1 billion euros as it seeks funding to cover its deficit after the economy was hard hit following militant attacks against its tourism industry. Since…

Nigeria’s woes won’t deter investors from buying dollar bonds

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LAGOS (Capital Markets in Africa) – Investors are lining up to buy dollar bonds Nigeria is expected to issue soon despite the country’s first recession in a quarter of a century, a currency crisis and budget shortfalls driven by low oil prices. On the face of it, the $1 billion of bonds Nigeria hopes to sell by the end of March might seem unattractive, especially at a time sentiment towards African debt has soured after…

Egypt Eyes Taking Bond Sales Eastward After $4 Billion Offer

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CAIRO (Capital Markets in Africa) – Egypt may sell bonds in Japanese yen and Chinese yuan after the country raised $4 billion in its first foray into international capital markets since a currency devaluation in November. The sale of dollar-denominated bonds across three maturities on Tuesday was covered “multiple times,” and the country is now “studying carefully” future sales of notes in the Japanese and Chinese currencies, Finance Minister Amr El-Garhy said in an interview Wednesday with Bloomberg TV in…

Egypt Mulls Highest Borrowing Cost in 16 Years for Bond Sale

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CAIRO (Capital Markets in Africa) – Egypt is tapping investors in a sale of dollar-denominated bonds, offering to pay them the highest coupon since 2001 and its first venture into international capital markets since a currency devaluation in November. Africa’s third-biggest economy is offering three maturities of debt, with an initial yield target between 7.625 percent and 7.875 percent on 10-year bonds, according to a person familiar with the matter who isn’t permitted to speak publicly…

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