South Africa | - Part 62

Rand Trims World’s Biggest Currency Gain as Risk Aversion Grows

JOHANNESBURG (Capital Markets in Africa) – The rand fell as much as 1.2 percent to head for its biggest weekly retreat this month as increased risk aversion among global investors and a possible reweighting of South Africa in a JPMorgan bond index sparked concern foreigners may sell the country’s debt. At 10:21 a.m. in Johannesburg, the rand dropped 0.4 percent to 13.9520 per dollar, trimming its quarterly and monthly gain to 5.2 percent. The government’s 10-year rand-denominated bond weakened…

South Africa Seals Lowest Dollar-Borrowing Costs Yet in Sale

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JOHANNESBURG (Capital Markets in Africa) – South Africa achieved its lowest borrowing costs yet for dollar-denominated debt, taking advantage of demand for emerging-market debt to raise $3 billion as rating companies prepare to review the country’s creditworthiness. In its second foray into international debt markets this year, the country sold $2 billion of 12-year notes and $1 billion of 30-year securities with investors in Asia, Europe and the U.S. who placed orders for 2.5 times the amount,…

Locals on Sidelines as Foreigners Reap South Africa Debt Reward

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JOHANNESBURG (Capital Markets in Africa) – South Africa is looking better from the outside than the inside, judging by the behaviour of bond investors. Foreign holdings of South African government securities are at the highest in two years, with inflows of 62 billion rand ($4.5 billion) this year, compared with 6 billion rand in the corresponding period last year. By contrast, domestic pension funds, historically the biggest investors in government debt, in August reduced their stock to…

TV Star Joins Vitol in Stake in Biggest African Coal Port

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JOHANNESBURG (Capital Markets in Africa) – A South African coal entrepreneur who produced and starred in a reality TV show set in Cape Town has partnered with one of the world’s biggest commodity traders to buy a stake in the continent’s largest terminal for the fuel. Through Burgh Group Holdings, 38-year-old Quinton van der Burgh joined with Vitol SA to buy a 7.6 percent stake in Richards Bay Coal Terminal on South Africa’s northeastern coast. They have the…

South Africa Posts 8.6 Billion-Rand Trade Deficit in August

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s trade balance swung to a deficit in August after three months of surpluses as shipments of precious metals and stones, which include gold and diamonds slumped. The 8.6 billion-rand ($619 million) deficit compares with a revised surplus of 5 billion rand in July, the Pretoria-based South African Revenue Service said in an e-mailed statement on Friday. The median of 10 economist estimates compiled by Bloomberg was for a surplus of 1.6…

Motsepe’s ARC to Buy 10% Stake in Alexander Forbes Business

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JOHANNESBURG (Capital Markets in Africa) – African Rainbow Capital (Pty) Ltd., chaired by billionaire Patrice Motsepe, agreed to buy 10 percent in the main operating unit of Alexander Forbes Group Holdings Ltd. for 753.5 million rand ($56 million). African Rainbow Capital, known as ARC, will pay 14.69 rand a share for the stake in Alexander Forbes Ltd., which houses the company’s African and international operations, Johannesburg-based Alexander Forbes said in a statement on Thursday. Motsepe,…

S&P Says Political Tension in South Africa ‘Must Be Watched’

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JOHANNESBURG (Capital Markets in Africa) – Political tension in South Africa is making economic reforms more challenging and must be watched, according to S&P Global Ratings. “We clearly stated that there is a concern that political tension stifles the reform effort, so that must be watched,” S&P Managing Director for sub-Saharan Africa Konrad Reuss said in an interview in Johannesburg on Thursday. “In the current climate of political tension and turmoil it’s certainly more challenging now to achieve all…

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