Africa
Eskom is Running Out of Options – and so is the Government
Eskom, South Africa’s scandal-plagued state-owned power utility, has embarked on an ambitious overhaul of its balance sheet, governance structure and approach to the markets as it looks to overcome allegations of corruption and mismanagement. Analysts are split on whether it will be enough.
10 Aug 2018
2019 Elections Weigh on Nigeria’s Outlook Despite Broad Economic Improvement
As the debt capital markets continues to deepen in Nigeria and the fundamentals continue to stabilize, upcoming elections and simmering security threats look set to test investor and borrower conviction.
8 Aug 2018
Part II: Idiosyncratic Challenges Weighing on East Africa’s Local Bond Markets Growth
As East African borrowers' access to dollar liquidity, plentiful in the 00s and early 10s, becomes more limited amid central bank tightening across the developed world, infrastructure development looks set to become the new driver for the local debt capital markets in the region. We explore the shift to private markets and potential for new financing instruments in Part 2 of our story.
31 Jul 2018
Idiosyncratic Challenges Weighing on East Africa’s Local Bond Markets Growth
Since the turn of the century, two trends have notoriously characterised African economies: world-leading rates of growth and high external debt. East Africa has been at the forefront of this growth spurt, much of which came from the vast volumes of cheap dollar funding streaming into EMs from the low-yield environment in Western economies post-2008. But as the global EM sentiment turns sour and…
24 Jul 2018
Nigeria SWOT Analysis: Rising Oil and Election Jitters Paint Mixed Picture
Bonds & Loans team arrived on the ground in Nigeria to meet with a broad range of local finance leaders in order to get a sense of the risks and opportunities on the horizon.
18 Jul 2018
EM Bond Outlook: Better 2H 2018 Expected
It has been a tough start to the year for emerging market bonds, but things are looking up as we head into 2H 2018 – you just need to know where to look.
12 Jul 2018
Interview: Mybucks Taking a Lead in Microfinancing Space Across Africa
Financial inclusion has been a challenge that African FIs have struggled to overcome for decades, with vast chunks of the population remaining unbanked to this day. Now a number of microfinance institutions are using fintech tools and disruptive technologies to bridge that gap. Tim Nuy, CEO of Mybucks, spoke to Bonds & Loans about the company’s achievements and goals for this year.
3 Jul 2018
Kenya Pooled Water Fund CEO: The Water, Sanitation Sector is Ready for Green Bonds
A core part of Kenya’s Vision 2030 plan, the water and sanitation sector is driving significant improvements in the quality of life of the country’s citizens, and after years of regulatory review it is only just beginning to open up to private sector funding. Robert Bunyi, CEO of the Kenya Pooled Water Fund talks to Bonds & Loans about why green bonds could help funnel billions of shillings to…
22 Jun 2018
Governance, Transparency Concerns Holding Institutionals Back from Nigeria’s Corporate Bonds
Corruption, corporate governance and transparency is a perennial concern among emerging market fixed income investors, with the lack of clear governance structures and opaque financials frequently causing headaches for credit analysts and their compliance teams.
20 Jun 2018
CASE STUDY: AfDB Extends Euro Curve with EUR1.25bn 10-year Social Bond
On 16 May 2018, the African Development Bank (AfDB) successfully priced a EUR1.25bn 10-year Social Bond transaction. The issue follows the inaugural EUR500mn 7-year Social Bond issued in November 2017.
7 Jun 2018