Eurobond | - Part 5

Nigeria to Sell $1 Billion in Eurobonds as Recession Bites

Lagos, Capital Markets in Africa: Nigeria soon will sell $1 billion in Eurobonds to finance a budget deficit as a recession grips the major African oil producer amid foreign currency shortages and double-digit inflation, officials said Friday. The sale is part of government plans to borrow $5 billion from abroad for capital infrastructure projects to boost Africa’s largest economy. Already some $3 billion has been secured in low-cost, long-term loans from the World Bank and…

Gabon Misses Out on Africa Bond Rally as Vote Dispute Weighs

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GABON, Capital Markets in Africa: Gabon is missing out on Africa’s bond rally because of an electoral dispute that’s weighing on investor confidence. The oil-producing nation’s dollar bonds have lost 1.4 percent this month, the most out of 17 sub-Saharan African nations tracked by Bloomberg, which returned an average 0.6 percent. Yields on Gabon’s 2024 securities have climbed 77 basis points since the presidential poll of Aug. 27. Emerging-market bond issuers are set for a record…

Ghana’s Eurobond Loosens IMF Straitjacket Ahead of Elections

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ACCRA, Capital Markets in Africa: Ghana will have more fiscal room to maneuver ahead of elections as a fifth Eurobond gives the nation funds to pay debt and implement projects amid spending restrictions imposed by the International Monetary Fund. West Africa’s second-largest economy raised $750 million at a yield of 9.25 percent last week in an auction that was more than four times oversubscribed. About $400 million of the bond proceeds will be used to refinance the nation’s…

Kenya Treasury Secretary to Meet Prospective Eurobond Buyers

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NAIROBI, Capital Market in Africa: Kenyan Treasury Secretary Henry Rotich said he’s likely to meet potential investors in the East African nation’s next Eurobond while visiting the U.S. next month. The government has also factored a possible U.S. Federal Reserve interest-rate hike later this year into its plans for selling more debt offshore, he said in an interview Tuesday in the capital, Nairobi. Rotich will be attending the International Monetary Fund annual meetings in Washington scheduled to take place…

Egypt Picks JPMorgan, Natixis, Citi and BNP to Manage Bond Sale

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CAIRO, Egypt, Capital Markets in Africa: Egypt picked four banks to manage a dollar bond issuance planned for 2016, part of the government’s efforts to raise $21 billion over three years to shore up reserves and end a crippling currency shortage. JPMorgan Chase & Co., Citigroup Inc., BNP Paribas SA and Paris-based Natixis SA will oversee the sale, the finance ministry said in a statement on its website. Egypt plans to sell $3 billion to $5 billion in international…

African Eurobond | Aberdeen Sees Opportunity for Kenya to Tap Eurobond Market

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NAIROBI, Kenya, Capital Markets in Africa: With yields on its existing dollar debt near a record low and global investors clamoring for returns, Kenya should seize the opportunity to wade into the Eurobond market for the second time in two years, according to Aberdeen Asset Management Plc. East Africa’s biggest economy will borrow 462 billion shillings ($4.5 billion) from external lenders this fiscal year to help a plug a widening budget deficit, according to budget…

Ghana Pitches Eurobond to Investors Just as Costs Rise

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ACCRA, Ghana, Capital Markets in Africa: Ghana’s latest plan to sell Eurobonds is starting to unravel. As the West African nation markets its fifth sale of dollar securities in nine years, its bonds are faltering as investors fret about the government’s commitment to fiscal targets in an election year. Ghana’s $1 billion of bonds due 2023 have tumbled, pushing yields up by 75 basis points since July 22 to 10.4 percent on Tuesday, compared with a 48…

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