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Africa

Africa Credit Markets Brief: 20 September – 04 October

African Development Bank tapped the international markets – South Africa issued dollar bonds worth USD2.5bn – NPLs rise in Nigeria – Nigeria raises NGN105.87 through maiden sovereign sukuk - Kenya Airways is looking to restructure debt – Ghana holds rates – Zimbabwe gets a USD600mn credit line from Afreximbank

As Ghana Dances with IMF, Questions Around Regaining Investor Trust Resurface

Ghana’s woes have been featured a lot in the press over the last years. One could summarise it as a country which, having found oil, was soon confronted with the demons that might come with such sudden access to wealth. The government’s overspending, and increasing borrowing on the back of future oil revenues, pushed the country towards the edge of insolvency when the commodity cycle turned. While the country seems to be on the mend, the critical question now is whether the government can regain investors’ trust.

Markets Tense Up as Justice Rules Kenyan Election Void

The Supreme Court decision to invalidate the results of Kenya's 8 August election has been hailed as an impressive victory for democracy in Africa. But as the candidates gear up for a new poll, risks of potential public discontent and even a constitutional crisis pose difficult questions for regulators and the markets alike.

Africa Credit Markets Brief: 6 September – 20 September

A fortnightly review of Africa's debt capital markets, covering the latest loan, sukuk and bond deals, rating actions, policy and credit market developments. Nigeria’s Ecobank secures a 5-year USD250mn syndicated loan - South Africa picks Barlcays, Deutsche Bank, HSBC and Nedbank to arrange new Eurobond – South Africa’s Land Bank raises ZAR1bn in bond auction - Kenya plans to sell up to KES30bn in treasury bonds this September - Liberia's President vows to open up its solar industry to foreign investors - Zimbabwe's FX reserves grew by USD3.2bn over past 8 months - Zambia awards a Chinese firm USD1.2bn road expansion contract

CASE STUDY: Cape Town Wins Race to Issue Africa’s First Municipal Green Bond

The City of Cape Town successfully placed ZAR1bn in new green bonds this Summer to fund a raft of sustainability initiatives in the city, proving once again that cities are a natural fit for sustainable finance instruments.

Emerging Market Credit Daily Roundup: 7 September, 2017

UNEC to raise AED1bn – Bahrain to issue a sukuk – Nigeria pre-launched its sukuk sale – Afreximbank to boost capital for lending – CABEI gets upgraded – ADB tapped the international markets – Russia to resolve dispute with Exxon Mobile

Emerging Market Credit Daily Roundup: 6 September, 2017

Non-resident EM inflows flatline in August – Middle East bond market to see USD20bn of new supply in 2017 – Oman replaces CBO governor – Ecobank subsidiary secures USD250mn 5-year loan – Brazil looks ready to cut rates – Mexico City airport in market for USD2bn – CDB looks to raise CNY5bn in green bonds – ArcelorMittal Ukrainian subsidiary in loan talks with EBRD

Africa Credit Markets Brief: August 23 - September 6

South Africa sells ZAR2.65bn (USD200mn) in bonds – South Africa government mulling airlines merger – Standard Bank of SA gets USD1bn syndicated loan – Kenya’s Supreme Court declares election result invalid – Nigeria downsizes NGN56.05bn local Treasury note on low demand – Foreign investment in Nigeria’s oil and gas up to USD291.47mn – IMF approves USD918mn aid package to Ghana

Africa Credit Markets Brief: 9 August – 23 August

NDB to lend US$1.5bn to South Africa – Standard Bank of South Africa to issue its first international bond in a decade – Lagos state issued a NGN85.1bn dual-tranche bond – Kenya to float T-bills – Eximbank USA gives Cameroon a CFA26bn loan –Ghana to cut spending in 2017 – Angola gets downgraded – Gabon places a US$200mn Eurobond – Moody’s slashed Tunisia’s credit rating

Off the Record: Hunting for Value in Africa with Bond Fund Managers

We speak with a number of leading Africa-focused fixed income fund managers to get a better sense of the opportunities and risks present in the continent’s emerging and frontier economies.

 

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