Africa
Interview with TDB Treasurer: First Islamic bond deal as part of diversification strategy
The Eastern and Southern African Trade and Development Bank, known more commonly as TDB and, formerly, PTA Bank, is a specialized African regional FI - one of the fastest growing investment grade rated multilateral DFIs on the continent. We speak to Abraham Byanyima, Treasury Executive, about the bank’s recent dual-tranche conventional & Islamic bond, East Africa’s private banking industry and…
1 Mar 2018
Angola: Next in Line in Africa for an IMF Programme?
Angola’s new President João Lourenço – locally referred to as J-LO – has had a busy first 100 days in office. Under the mantle of high popularity, he has been implementing core changes that are putting the country onto a different, necessary, and most likely difficult, path. Is all of this leading the country towards an IMF programme? It would be music to investors' ears if it were.
23 Feb 2018
Brown Brothers Harriman: Frontier Sovereign Rating Model for Q1 2018
Brown Brothers Harriman: produced the following ratings model to assess relative sovereign risk in Frontier Markets. A country’s score directly reflects its creditworthiness and underlying ability to service its external debt obligations.
15 Feb 2018
Upturn for Nigeria’s Debt Capital Markets Threated by Election Uncertainty, Rising Oil Price
With fresh forecasts predicting a deceleration in the country’s economic contraction and borrowers making fresh strides in the local credit market, Nigeria is poised to make strong gains in 2018. Transforming those gains into longer-term sustainable growth will depend heavily on the country’s commitment to reforms, but with elections in the offing and oil prices rising, some analysts question its…
9 Feb 2018
Mixta Africa CFO Talks Long-Term Liquidity for Nigerian Corporates
The ability for real estate firms to raise long-term liquidity depends on a complex set of interrelated factors – interest rates and pricing, tenor availability, asset liquidity, and the health and sophistication of the mortgage market, to name a few. Benson Ajayi, CFO at Mixta Africa, one of the continent’s leading real estate firms speaks with Bonds & Loans about how the company is navigating…
7 Feb 2018
Zimbabwe Recovery Huge Boon for Foreign Banks, Credit Markets – If Regulators Can Pull Off Reforms
With Zimbabwe’s infamous revolutionary-turned-dictator Robert Mugabe out and one of his main rivals left to pick up the pieces of an economy in tatters, the country’s prospects are anything but clear. Analysts are optimistic that policymakers can find a path to normalisation – creating significant opportunities for international and regional lenders, and the country’s credit markets, in the…
30 Jan 2018
Sunny Outlook for Egypt’s Renewables as DFIs Make Way for Commercial Banks
The first two stages of the Egyptian government’s solar and wind programme have been somewhat hit-and-miss, but increased development bank involvement sets the next stage on a path to encourage wider private sector participation. Third time’s a charm – but only if local and commercial lenders play their part, analysts suggest.
23 Jan 2018
Are the World’s Top State-Owned Airlines in for Hard Landing?
As state funding dwindled for many airlines that traditionally relied on government for support, they have been forced to find new pools of liquidity – or face financial ruin in a sector that has seen major upheaval over the past year.
16 Jan 2018
2018 Outlook for Emerging and Frontier Markets
2017 has been an amazingly profitable year for investors in emerging and frontier markets. As uncertainty takes hold, driven by a hawkish Fed outlook and China's slowdown, Mark Mobius, the outgoing Chairman of Franklin Templeton's Emerging Market Group, takes a parting shot at predicting what the coming year has in store for the markets.
12 Jan 2018
Kenya’s Credit Recovery in Question as Political Uncertainty, Interest Rate Cap Lingers
With private sector credit growth declines bottoming out, political volatility diminishing and key sectors performing better, organisations on the ground in Kenya are cautiously optimistic about their 2018 prospects. Downside risks remain, however – and many of them revolve around debt.
8 Jan 2018