Africa
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.
1 Nov 2017
Africa Credit Markets Brief: 18 October – 01 November
BADEA to support economic development in the continent – SA budget deficit rose 4.3% – AfDB suspended a loan to Nigeria – Kenya to reopen 5-year notes – Ghana issued USD1.3bn of fresh debt – Tanzania struck a deal with Barrick Gold for USD300mn – Inflation in Zambia dropped – Zimbabwe hopes to cut budget deficit to 4%
1 Nov 2017
In Cotton and Textiles, Nigeria’s Import Restrictions Create Opportunities for Mid-Sized Players
The domestic cotton and textiles sectors used to be a huge contributor to Nigeria’s GDP, but massive growth in the oil sector coupled with declining government support has marginalised the industry. Sumit Jain, CFO of West African Cotton Company (WACOT), talks to Bonds & Loans about how the company is working with the government to boost domestic production of cotton and foodstuffs, and how…
1 Nov 2017
BBH: EM Sovereign Rating Model for Q4 2017
We have produced the following Emerging Markets (EM) ratings model to assess relative sovereign risk. An EM country’s score directly reflects its creditworthiness and underlying ability to service its external debt obligations. Each score is determined by a weighted compilation of fifteen economic and political indicators, which include external debt/GDP, short-term debt/reserves, import cover,…
25 Oct 2017
Africa Credit Markets Brief: 04 October – 18 October
AfDB approved a USD200mn funding facility for private sector projects –Foreign investors bought ZAR18bn of SA bonds – Zuma could face new corruption charges – Fidelity Bank tapped the international markets – IMF concerned about Nigeria’s debt – Ethiopia devalued its currency – CBK placed a 5-year bond – Mauritius to hit the local currency markets
18 Oct 2017
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
4 Oct 2017
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.…
2 Oct 2017
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.
22 Sept 2017
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…
20 Sept 2017
Have BRICS Been Overshadowed by the Rest of the EM Pack?
Heads of state of the BRICS countries descended upon Xiamen, China earlier this month to discuss how to propel the bloc’s trade and commercial links forward. But with most of the organisation’s leading members knee-deep in political or economic mud, analysts are left wondering whether they have been overshadowed by the rest of the emerging market pack.
15 Sept 2017