Eurobond | - Part 6

Yield Exceeding 10% May Lure Investors to Ghana’s Eurobond Sale

ACCRA, Ghana, Capital Markets in Africa: With yields among the highest in Africa, Ghana may find plenty of takers searching for a premium in a coming round of Eurobond sales. The world’s second-largest cocoa grower plans to raise as much as $1 billion after the International Monetary Fund endorsed its efforts to consolidate debt and stabilize a volatile currency. A successful sale hinges on government officials persuading potential buyers that double-digit returns are adequate compensation for concerns…

Desperate for Funding, Nigeria Prepares to Face Bond Investors

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LAGOS, Nigeria, Capital Markets in Africa: The odds are stacked against Nigeria as it looks to raise debt on the international markets for the first time in almost three years. Finance Minister Kemi Adeosun is leading a team of officials that will meet bond investors at London’s five-star Corinthia Hotel on Tuesday at a time when Africa’s biggest economy is on the verge of a recession, oil production has fallen to about a three-decade low, and the budget deficit…

Nigeria Said to Plan Bond Investor Meetings in London Next Week

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LAGOS, Nigeria, Capital Markets in Africa: Nigerian officials are meeting bond investors in London next week, according to a person familiar with the matter, as the government considers tapping international debt markets to help finance its record budget deficit. Finance Minister Kemi Adeosun will head the meetings on June 7, which have been arranged by Standard Chartered Plc, according to the person, who asked not to be identified because he’s not authorized to comment publicly. Abraham Nwankwo, head of…

Ghana’s Investment Roadshow is not to Market Eurobond – Finance Minister

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ACCRA, Ghana, Capital Markets in Africa — Ghana’s Finance Minister said, the country has no intention of selling debt during meetings with investors this week in London, Boston and New York. The non-deal road show is part of activities designed to share information on financial and economic developments with investors, the ministry said Tuesday in a statement on its website. Ghana mandated Standard Chartered Bank to arrange the meetings, which run until Friday, a person…

Egypt Plans Eurobond Sale to Ease Pressure on Reserves

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CAIRO, Egypt, Capital Market in Africa — Egypt plans to tap international bond markets in the second quarter this year, Prime Minister Sherif Ismail said, in order to preserve foreign reserves amid a slowing global economy. Egypt has approved a bond-issuance program of up to US$10 billion, and in June 2015, it raised US$1.5 billion of Eurobonds as part of the program. The government plans to issue another US$1.5 billion in the fourth quarter of 2015 but…

Ghana launches 15-yr US$1 billion Eurobond at 10.75% coupon rate

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ACCRA, Ghana, Capital Markets in Africa — Ghana launched a US$1 billion Eurobond on Wednesday at a 10.75 percent coupon rate, becoming the first country in sub-Saharan Africa outside of South Africa to issue a 15-year bond, Finance Minister Seth Terkper said in a statement. The bond was 100 percent oversubscribed showing a “high appetite for Ghana’s credit” and a World Bank partial bond guarantee of $400 million enabled Ghana “to borrow on reasonable terms…

Zambia to issue up to $2 bln 10-year Eurobond – govt

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LUSAKA, Zambia (Capital Markets in Africa) – Zambia will issue a 10-year Eurobond of as much as $2 billion on Thursday, one of frontier Africa’s biggest international bonds, to fund a widening budget deficit in the copper exporter, a presidential spokesman said. “We expect the Eurobond to be issued today. It will be between $1.5 billion and $2 billion and the maturing date is 10 years,” Amos Chanda, a spokesman for President Edgar Lungu, told…

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