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Africa

Nigeria: A Struggling Economy Embraces Reform - Part I

Over the past year Nigeria's economy, hit by rising inflation, low FX reserves and deflated oil price, shrank by about 1.6%. But with a better market outlook on the horizon, as evident from the recent success of a US$1bn Eurobond, the Bonds & Loans Nigeria Special Report looks into what 2017 may bring.

4 Apr 2017

CASE STUDY: Cameroon’s XAF165bn Bond Paves the Way for Fresh Project Investment

Cameroon, a leading economy in the Central African Economic and Monetary Community (CEMAC), successfully issued a XAF165mn bond in the local markets in October 2016, a deal that saw aggressive pricing attract strong regional liquidity.

31 Mar 2017

CASE STUDY: MTN Comes Back from Downgrade to Price at Tight End on US$1bn Bond

African telecoms giant MTN Group overcame bearish sentiment precipitated by last September’s Nigerian sovereign downgrade, along with that of its Nigerian subsidiary, to successfully price a US$1bn dual-tranche bond at the tight end of guidance.

27 Mar 2017

Top Dealmaker: Kobby Bentsi-Enchill, Stanbic IBTC Capital

Kobby Bentsi-Enchill, Executive Director and Head of Debt Capital Markets at Stanbic IBTC Capital speaks with Bonds & Loans about how his clients are managing in a challenging market environment, and what needs to happen in order for the 2017 outlook to improve.

24 Mar 2017

CASE STUDY: Nedbank Pioneers AT1 Instruments in South Africa

Nedbank successfully priced South Africa’s first Tier 1 capital Basel III-compliant securities in 2016, setting the stage for future issuances ahead of the regulatory framework’s introduction in the country over the next year.

23 Mar 2017

Gabon: A Step in the Right Direction

Analysing and investing in Frontier Emerging Markets usually comes with its fair share of challenges; often, these are centred on availability or quality of data, news, language barriers, and finally, accessibility. Gabon is a great example of how these challenges can distort the real opportunities before us, and progress made on key initiatives.

22 Mar 2017

CBK Governor on the Trump Effect, Banking Sector Risks, and the Promise of Green Finance

Having weathered most of 2016 quite well, Kenya faces a number of domestic and external headwinds including a prolonged drought and increasing uncertainty around the future policy direction in the US, UK and Europe. But Patrick Njoroge, Governor of the Central Bank of Kenya believes some of these challenges also present opportunities – to explore further East African policy integration, double…

13 Mar 2017

Ghana Doubles-Down on Halving Deficit but Risks Remain

Hamstrung by a deficit twice the size of that estimated by the government of former President of Ghana John Mahama, all eyes are on how the newly elected President Nana Akufo-Addo and his right-hand man, Finance Minister Ken Ofori-Atta, navigate delivering key fiscal consolidation reforms and keep voters happy. With the economy on the mend, things are looking up – but the road ahead is riddled…

10 Mar 2017

Financing Africa’s Cities

Cities have the power to transform themselves and raise the standard of living for their inhabitants, but in Africa many have struggled in this endeavor due to lack of access to financing. To get a sense of how we can succeed, it is important to assess how others have failed. Here is a first-hand glimpse of the unsuccessful launch of West Africa’s first city-level bond.

9 Mar 2017

CASE STUDY: Demand for Nigerian Eurobond Swells, Repricing Secondary Curve

The Federal Republic of Nigeria managed to aggressively price an oversubscribed US$1bn 15-year trade against a backdrop of significant political and economic volatility, a sign that investor confidence is slowly returning to the African sovereign.

6 Mar 2017

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