South Africa | - Part 79

South Africa’s Economic Outlook Disappoints S&P as It Weighs Rating

Johannesburg, South Africa, Capital Markets in Africa: Economic growth in South Africa “has continued to disappoint,” S&P Global Ratings said, three weeks before the company is due to complete a review that may see the country cut to junk. S&P may lower the nation’s credit rating to non-investment grade when it announces the result of an assessment of South Africa’s BBB- ranking on June 3. Discussions on the decision are still underway, S&P Managing Director for sub-Saharan Africa Konrad…

Private Equity | Abraaj Readies Nigerian Fertilizer, East African Insurance Deals

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LAGOS, Nigeria, Capital Markets in Africa: Abraaj Group, a Dubai-based private equity firm, is in the final stages of approval for three transactions in sub-Saharan Africa and will probably make further investments in the region before the end of the year, partner Sev Vettivetpillai said on Thursday. Abraaj is seeking final internal approval for three transactions, including one in Nigeria’s fertilizer industry, an insurance investment in East Africa and an industrial business in South Africa, he said in an…

South African economy not the second largest in Africa anymore

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Johannesburg, South Africa, Capital Markets in Africa: New data from the International Monetary Fund shows that Egypt is now Africa’s second largest economy after Nigeria, pushing South Africa into third place, according to a KPMG on Wednesday (May 11). South Africa has been known as the continent’s second-largest economy since Nigeria rebased its gross domestic product (GDP) data in early 2014. However, the IMF World Economic Outlook (WEO) released in mid-April provided more sobering GDP statistics for…

Fixed Income | Investec Sees South African Bonds as Resilient in Junk Downgrade

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Johannesburg, South Africa, Capital Markets in Africa: South Africa’s corporate bond market is better equipped than other emerging countries to deal with a cut in the nation’s credit rating to below investment grade, said Hendrik du Toit, chief executive officer of Investec Asset Management Ltd. The country has a relatively small pool of dollar bonds, compared with rand-denominated debt, and a large domestic money management business with the capacity to invest in the assets, Du Toit…

South Africa | Transnet Moving to Fixed-Rate Debt as Credit Downgrade Looms

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Johannesburg, South Africa, Capital Markets in Africa: Transnet Holdings SOC Ltd., South Africa’s state-owned transport company, is cutting its proportion of floating-rate debt to hedge against a rise in borrowing costs in the event of a downgrade of the country’s credit rating to junk, Chief Executive Officer Siyabonga Gama said. The possibility of South Africa’s national sovereign debt rating being cut to junk by S&P Global Ratings next month is “a big concern for the country, it’s…

South Africa | Barclays Unit Rejects South Africa Minister’s Invite to Gupta Talks

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Johannesburg, South Africa, Capital Markets in Africa: Barclays Africa Group Limited’s Absa declined an invitation to meet South African Mineral Resources Minister Mosebenzi Zwane to discuss the closure of bank accounts related to companies controlled by the Gupta family, who are friends of President Jacob Zuma and in business with his son. “We have respectfully declined on account of client confidentiality,” the Johannesburg-based lender said in an e-mailed response to questions on Wednesday. “As a bank we cannot discuss any…

South Africa Rand Falls Most Among Emerging Markets After Jobless Rate Climbs

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Johannesburg, South Africa, Capital Markets in Africa — The rand fell to its weakest in a month after data showing theSouth African jobless rate at the highest in at least eight years added to concerns that economic growth may be slow to revive. The rand dropped as much as 2.1 percent against the dollar and traded at 15.1716 by 4:38 p.m. in Johannesburg, the weakest since April 7 on a closing basis and the biggest loser among 24…

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