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Gabon Government Says It Quashed Coup by Army Mutineers

LIBREVILLE (Capital Markets in Africa) – Gabonese authorities said they put down an attempted coup by a group of mutineering soldiers who’d seized control of the national broadcaster and vowed to “save a democracy in danger.” Communication Minister Guy-Bertrand Mapangou told Radio France Internationale on Monday that order had been restored, and the capital, Libreville, was largely quiet. His statement came hours after Ondo Obiang Kelly, an army lieutenant, read a statement on state TV…

Gabon Coup Attempt Poses Little Risk to Oil Market

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Any potential disruption to Gabon’s oil output, following a military coup attempt, would only have an impact on a small share of OPEC’s total output because the country produces so little. Military officers seized Gabon’s state broadcaster Monday in what appeared to be a coup against ailing President Ali Bongo. The soldiers who attempted the coup have been arrested and there has been no reported disruption to the country’s oil output, which accounts for…

Moody’s downgrades Gabon’s ratings to Caa1, changes outlook to stable

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LIBREVILLE (Capital Markets in Africa )- Moody’s Investors Service has today downgraded the Government of Gabon’s issuer and senior unsecured debt ratings to Caa1 from B3 and changed the outlook to stable from negative. The rating downgrade is underpinned by continuing government arrears to creditors and suppliers which point to heightened government liquidity pressures and denote institutional weaknesses. Persistent arrears also risk delaying critical financial support from the official sector, in turn exacerbating existing liquidity…

Gabon 2018 Hydrocarbons Law Reform: Appetite for New Incentive

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Gabon is a Central African country based in the Gulf of Guinea, located on the Atlantic side of the African continent and crossed by the equator. Gabon became independent in 1960 and has since developed a stable and peaceful environment attracting major international investors for, in particular, oil and gas, mines, forests, agro-industry which remain the main sources of revenue for Gabon. Gabon is among the top five crude…

Bond Winners of Yesteryear Not Looking So Fantastic in 2017

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa ) – Developing-nation debt traders who stuck with 2016’s top securities took a hit this year. That’s because last year’s best emerging-market dollar bond bets are posting the starkest reversals. Venezuela, Ecuador and Gabon, which led the pack in 2016, had some of the worst changes, according to data compiled by Bloomberg on debt from 69 developing nations. Meanwhile, last year’s laggards, Mozambique and Suriname, have had the best improvements. “As the…

Gabon Seeks Private Partnerships to Boost Processing of Minerals

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Libreville (Capital Markets in Africa) – Gabon, Africa’s second-biggest manganese producer, wants to partner with private companies to process most its minerals locally before exporting them, Mining Minister Christian Magnagna said. Local processing will boost the mining industry’s contribution to gross domestic product from the current 2.1 percent to at least 4 percent as the central African nation seeks to make its economy less dependent on oil, Magnagna said in an interview in the capital, Libreville….

Moody’s downgrades Gabon’s rating to B3, outlook negative

Posted on by The Editorial Team

LIBREVILLE (Capital Markets in Africa) – Moody’s Investors Service has today downgraded the long-term issuer and senior unsecured debt ratings of the government of Gabon to B3 from B1 and maintained the negative outlook. Concurrently, Moody’s has lowered the government of Gabon’s local currency as well as foreign currency bond and deposit ceilings to Ba3 from Ba1. The rating downgrade drove the change in ceilings. Rating Rationale The key drivers behind the downgrade to B3…

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