Mozambique | - Part 5

Mozambique MPs Back State Guarantees for Previously Hidden Debt

MAPUTO (Capital Markets in Africa)- Mozambique’s parliament ratified a law that provides state guarantees for previously hidden loans of two state-owned companies that sparked a debt crisis in one of the world’s poorest countries. Lawmakers from the ruling Front for the Liberation of Mozambique approved the state accounts for 2015, which included guarantees for loans worth $1.12 billion that ProIndicus and Mozambique Asset Management took out in the prior two years. Opposition members left the…

Mota-Engil, CMEC of China Win $2.3 Billion Mozambique Project

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MAPUTO (Capital Markets in Africa) – Thai Mocambique Logistics SA, which is developing a $2.3 billion railway and port to export coal from central Mozambique, awarded the construction contract to Mota-Engil SGPS SA and China National Complete Engineering Corp. An agreement is expected to be signed next month, TML Chief Executive Officer Jose Pires da Fonseca said in an interview Tuesday in the Mozambican capital, Maputo. The total cost of the project, which will include a deep-water harbor…

Exxon stumps up $2.8 bln for Mozambique gas gateway to Asia

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MAPUTO (Capital Markets in Africa) – Exxon Mobil Corp, the world’s biggest publicly traded oil producer, has agreed to pay Italy’s Eni $2.8 billion for a 25 percent stake in a giant Mozambique gas field to strengthen its position supplying rich Asian markets. Eni is currently the operator of Mozambique’s Area 4 licence which, with 85 trillion cubic feet of gas in place, is one of the world’s largest gas discoveries in recent years. The…

African Sovereign Eurobonds: Recap and Prospects in 2017

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LAGOS (Capital Markets in Africa) – Eurobond issuance by African sovereigns was recorded at US$9.726 billion by four countries (South Africa, Ghana, Egypt, and Mozambique) in 2016 compare to US$6.750 billion issued by eight countries (Egypt, Ghana, Gabon, Ivory Coast, Namibia, Zambia, Cameroon, and Angola) in 2015. In April, the Republic of South Africa successfully priced and issued a US$1.25 billion 10-year Eurobond. The US dollar bond was priced at a coupon (interest rate) of 4.875 percent,…

Expect No Mercy After Default, Bondholder Tells Mozambique

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MAPUTO (Capital Markets in Africa) – Mozambique became the first African nation to default since 2011 after failing to make an interest payment on a Eurobond before the grace period ended, according to a bondholder. The southern African nation did not pay a $60 million coupon on its $727 million of notes due in January 2023 by the close on Thursday, Lutz Roehmeyer, a fund manager at Landesbank Berlin Investment, said in an e-mailed response to questions. “The view on…

Turkey Plans to Invest $1 Billion in Mozambique Over 20 Years

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MAPUTO (Capital Markets in Africa) – Turkey will invest $1 billion in Mozambique over the next two decades, President Recep Tayyip Erdogan said during a two-day visit to the southern African country struggling to attract foreign investment. Mozambique’s finances have been in trouble since early 2016 when it emerged the government withheld information about the magnitude of its indebtedness while arranging new credit. The nation has since said missed interest payments for external commercial loans, including a…

Mozambique Eurobond Default Heralds Lengthy Uncertainty, Fitch Says

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MAPUTO (Capital Markets in Africa) – Fitch Ratings-London-20 January 2017: Mozambique’s failure to pay USD59.8m in interest on a sovereign Eurobond points to an extended period of uncertainty as the country seeks to restructure its debt, Fitch Ratings says. It has no sovereign rating impact because Fitch already downgraded Mozambique’s Long-Term Foreign Currency Issuer Default Rating to ‘RD’ in November after confirmation that a state-owned enterprise missed a payment on a sovereign-guaranteed loan in May…

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