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19 Jun 2017   Macro, Policy, Africa

Is Kenya’s Economic Model Sustainable?

Kenya is a leading engine of growth in East Africa, but analysts are growing increasingly concerned about the country’s ability to keep up the pace as a toxic combination of credit growth-stifling regulations, excessive government borrowing and low revenue generation conspire to threaten its outlook.

Africa Credit Markets Brief: June 2 – June 15

Afreximbank closed a US$1.2bn loan – Cote d`Ivoire issued international bonds – Ghana’s inflation fell -Kenya to sell T-bills – VTB ready to work with Mozambique on debt restructuring – Namibia is struggling to repay a debt to EDF – Zenith’s Eurobond is oversubscribed – Nigeria to sell local sukuk – Moody’s downgraded South Africa’s credit rating, banks and insurers – Swaziland is looking to secure loan from Taiwan – Tanzania’s Central Bank announced new rules for capital conservation – Tunisia secures loan from the World Bank – IMF may grant Zambia a credit facility – Zimbabwe to issue a three-year bond

Nigerian Naira Sees Windows of Opportunity

Following a series of hit and miss attempts to keep the naira steady, the Nigerian Central Bank appears to have found a balanced approach to managing FX, but it may still be too clunky for foreign investment to flow.

Africa Credit Markets Brief: May 18 – June 1

East African infrastructure investments swell – South Africa’s markets recover from Zuma noise – Nigeria’s economy continues to contract – Kenya’s government upsizes domestic credit sales – HH, Lungo tensions continue to rise in Zambia – Tanzania struggles to shore up funding for railway – Tunisia doubles up on rate hikes – Zimbabwe’s electricity authority struggles to settle debt with SA’s Eskom – Gambian authorities crack down on Jammeh affiliates – Cameroon gets concessional loans from World Bank

Olam Africa, Middle East CFO: Challenging Times, Huge Growth Opportunities in Agribusiness

A number of African economies this year were hit with turbulent commodity prices and severe drought, weighing on the outlook for the region’s agricultural industry. In a region that focuses so strongly on food security, never has there been more impetus on delivering new efficiencies to the agribusiness sector.

Africa Credit Markets Brief

AfDB calls for investment across Africa to close annual US$162bn funding gap – Kenya borrows US$1bn via syndicated loan – Nigeria raises mere NGN100bn in bond sale – Nigeria looking to secure US$5.2bn World Back funding package – Zimbabwe warns South Africa over proposed land reform – Russia’s Rosatom committed to nuclear plant project in South Africa – Senegal issues Eurobond – Saudi Aramco stalls on US$20mn Zambia loan - Zimbabwe secures US$1.7bn loan from Afrexim Bank

Drought Fears Ease, but East African Countries Could Struggle to Restore Growth

Record-setting droughts in East African economies have caused food and – in some cases – power prices to rise dramatically, putting a damper on the region’s economy. But with the growth outlook moderating in the region’s largest economies, analysts are turning their attention to the steep drop in private sector credit growth, raising questions about whether this could prolong the lag. Furthering regional integration could be the answer.

Investors Eye Zambian Reforms as Lungu Faces Crucial Test

Rising tensions between the Zambian government, led by President Edgar Lungu, and opposition leader Hakainde Hichilema, have done little to deter investors who are closely watching the country as it looks to clinch a critical IMF funding programme. They should not be so quick to dismiss the recent escalation that led to Hichilema's arrest and its implications for governance in the Sub-Saharan African country.

Standard Bank: A “Two-Speed” Africa is Emerging

For the past two years, many West African nations struggled due to low oil and commodity prices while East African nations like Kenya and Tanzania steamed ahead with robust growth and ambitious infrastructure development plans. But due to a confluence of factors, we seem to be witnessing a broad reversal in that trend.

CASE STUDY: BOAD Makes Largest Bond Debut of Any West African DFI

The Banque Ouest Africain de Développement (BOAD) priced an upsized US$750mn 5-year trade to make one of the largest capital markets debuts for any West African development financial institution, paving a path for other issuers in the region.


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