Africa
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.
5 Jun 2017
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…
1 Jun 2017
Emerging Markets: Keep Calm and Carry Trade
Emerging market corporate bonds have become a hit with investors in recent years as improving fundamental and good governance practices have sent default rates plunging to record lows. Despite fears around an EM debt bubble emerging, fund managers seem resolutely upbeat about the asset class.
31 May 2017
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.
31 May 2017
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…
17 May 2017
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…
15 May 2017
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…
5 May 2017
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.
26 Apr 2017
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.
20 Apr 2017
CASE STUDY: Yinson Debuts Largest Murabaha FPSO Financing in Africa to Date
Yinson Holdings Bhd’s wholly-owned subsidiary, Yinson Production (West Africa) Pte Ltd successfully converted conventional debt into a sharia-compliant format through the company’s maiden Islamic transaction, the proceeds of which were used to finance the conversion of existing facilities into a floating production, storage and offloading unit (FPSO).
18 Apr 2017