North Africa |

Egypt Mulls Highest Borrowing Cost in 16 Years for Bond Sale

CAIRO (Capital Markets in Africa) – Egypt is tapping investors in a sale of dollar-denominated bonds, offering to pay them the highest coupon since 2001 and its first venture into international capital markets since a currency devaluation in November. Africa’s third-biggest economy is offering three maturities of debt, with an initial yield target between 7.625 percent and 7.875 percent on 10-year bonds, according to a person familiar with the matter who isn’t permitted to speak publicly…

Citigroup, Top Africa Loan Arranger, Sees M&A Boosting Lending

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LAGOS (Capital Markets in Africa) – Citigroup Inc., sub-Saharan Africa’s top loan arranger in 2016, expects increased sovereign demand and mergers and acquisitions to drive lending in the region this year as low valuations spur deals. “Lots of financing activity is expected in 2017,” Aziz Rahman, the bank’s head of corporate finance in the region said in an interview on Monday. Loans to sovereigns and corporates will increase as M&A deals rise and infrastructure spending picks…

Egypt fixes customs dollar exchange rate to help importers

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CAIRO (Capital Markets in Africa) – Egypt will fix its customs dollar exchange rate and adjust it on a monthly basis to help importers better cope with a pricing of their products after the central bank floated its currency in November. The Finance Ministry fixed the customs exchange rate at 18.5 pounds per dollar until the end of February and said it will review the rate each month, state news agency MENA reported late on Monday….

Foreign Purchases of Local Egypt Debt May Reach $11 Billion

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CAIRO (Capital Markets in Africa) – Egypt sees foreigners buying as much as $10 billion to $11 billion in local Treasury bills and bonds in the coming period, Finance MinisterAmr El-Garhy told reporters Sunday. Government moves to reform the economy and growing investor confidence are underpinning the gradual return to levels achieved before the 2011 uprising that ousted President Hosni Mubarak, he said. Foreign holdings of Egyptian debt rose by as much as $900 million after authorities floated…

Egypt Pound Can Attain ‘Fair Value’ in 6 Months, El-Sisi Says

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CAIRO (Capital Markets in Africa) – The Egyptian pound can attain its “fair value” in about six months, President Abdel-Fattah El-Sisi said, trying to reassure his anxious nation that a price surge since the abandonment of currency controls is temporary. In a new sign of support for the central bank’s Nov. 3 decision to free the exchange rate, El-Sisi said the currency was weaker than it should be, but should strengthen as reforms take hold. The interview, his…

Egypt Core Inflation Nears 12-Year High After Pound Slumps

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CAIRO (Capital Markets in Africa) – An Egyptian consumer price gauge that strips out volatile items rose the fastest in almost 12 years in December, after the central bank abandoned currency controls and triggered a slump in the pound. Annual core inflation climbed to 25.86 percent, its highest level since February 2005, according to data compiled by Bloomberg. Earlier, the state-run statistics agency reported that annual urban inflation accelerated to 23.3 percent in December, its highest since Bloomberg started…

Marriott International Expands Presence in Algeria with Opening of Sheraton Annaba

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ALGIERS (Capital Markets in Africa) – Marriott International, Inc, today announced further expansion in Algeria with the opening of its seventh hotel in Algeria, Sheraton Annaba. The company already operates six hotels in Algeria including Constantine Marriott Hotel, Renaissance Tlemcen Hotel, Sheraton Club des Pins, Sheraton Oran, Le Meridien Oran and Four Points by Sheraton Oran amounting to 1580 rooms. With another six hotels under development, the company is set to double its footprint in…

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