Eurobond | - Part 3

Mozambique’s Eurobond Strategy May Damage Restructure Prospects

MAPUTO (Capital Markets in Africa) – Mozambique’s decision to skip an interest payment on its Eurobonds this week was a strategic move that will be damaging for the debt-restructuring process it started, a group of investors said. “The non-payment of Wednesday was a strategic default and was not driven by the inability to make the payment,” said Charles Blitzer, a Washington-based consultant who’s advising a group of creditors that hold the majority of the bonds. “This…

Mozambique Bondholders Lay Down Terms Ahead of Restructuring

Posted on by The Editorial Team

MAPUTO (Capital Markets in Africa) – A group of key Mozambique bondholders laid down terms to the embattled government ahead of restructuring talks, calling on it to revoke guarantees on loans taken on by two state-owned companies. The southeast African nation, which defaulted on its only Eurobond in January, should also liquidate the two firms — ProIndicus and Mozambique Asset Management — as well as a third, a tuna-fishing company known as Ematum, the so-called Global…

Mozambique to Miss Coupon Payment on Eurobond, Ministry Says

Posted on by The Editorial Team

MAPUTO (Capital Markets in Africa) – Mozambique will miss an interest payment on dollar bonds this week because of its deteriorating fiscal position. The government’s capacity to make debt payments is “extremely limited in 2017, and does not allow the republic room to make the scheduled interest payment on the notes,” the Ministry of Economy and Finance said in an e-mailed statement on Monday. Mozambique is in talks with the International Monetary Fund about resuming…

Nigeria to sell diaspora bonds in March after eurobond issue

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria will look to issue a debut diaspora bond by March to raise funds from Nigerians abroad, after completing a $1 billion eurobond sale this month, a finance ministry source told Reuters on Wednesday. Nigeria is in its first recession in 25 years and needs to find money to make up for shortfalls in its budget. Low prices for crude and militant attacks in its crude-producing heartland, the Niger Delta,…

Banks Batten Down in Mozambique as Bond-Coupon Payment Looms

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Africa’s largest banks are ensuring they protect themselves and their clients from the potential fallout if Mozambique defaults on its government debt next week. Standard Bank Group Ltd., the continent’s biggest lender by assets, is holding liquidity in excess of regulatory requirements in its Mozambique unit “to cater for funding withdrawals during periods of stress,” said Finance Director Arno Daehnke. FirstRand Ltd.’s consumer-banking business, First National Bank, is holding all of…

Kenya to Raise $1.05 Billion of Syndicated Loans to Fund Budget

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya’s government is raising at least $1.05 billion through syndicated loans, including $250 million already secured from lenders led by PTA Bank, Treasury Principal Secretary Kamau Thugge said. PTA, an East African trade-finance bank based in Burundi, has already disbursed $100 million, while a further $150 million will be received “shortly,” Thugge said in a mobile-phone text message Wednesday. “We are also syndicating $800 million to international banks,” he said. Kenya’s…

Mozambique May Defaults on Eurobond Next Week, JPMorgan Says

Posted on by The Editorial Team

MAPUTO (Capital Markets in Africa) – Mozambique is “highly unlikely” to pay a $60 million coupon on January 18, JPMorgan Chase & Co. said, sending the government’s Eurobond tumbling closer to an all-time low. The $727 million of notes due in January 2023 fell 3.2 percent to 57.999 cents on the dollar as of 2:12 p.m. in London, trading less than 2 cents away from an all-time low. The yield rose 90 basis points to 24.05…

« 1 2 3 4 5 … 7 »