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Selloff unlikely even if South Africa’s local debt junks

South Africa is likely to face a credit rating downgrade from one of the three main ratings agencies unless it begins to implement meaningful economic reforms. Despite concerns over its recent downgrade, the country’s local currency-denominated debt, held in significant amounts by foreign investors, would likely withstand a selloff in the event of a junk rating due to favourable index inclusion…

27 Jul 2016

Kenya’s Banking Sector in Transition

With three of Kenya’s banks in receivership and a report following a government audit of the country’s financial institutions still impending, it is becoming increasingly clear that the turbulence being experienced by the country’s banking sector is far from over. With consolidation and stiffer regulations in the offing, it is still unclear how the country’s nascent capital markets will evolve as…

26 Jul 2016

Top Dealmaker: Cécile Camilli, Societe Generale CIB

Cécile Camilli is Head of CEEMEA DCM at Societe Generale Corporate & Investment Banking. She has more than 15 years of experience in emerging market debt. Since 2013, and is responsible for DCM origination in CEEMEA, advising Corporates, Financial Institutions and Sovereigns of the region. Cecile and her team have been winning numerous landmark mandates from issuers in Russia, Eastern Europe,…

22 Jul 2016

EM flows surge but downgrade risk persists

The week ending July 15 was the strongest week for portfolio inflows to emerging markets since the US Federal Reserve delayed quantitative easing tapering in September 2013, according to the IIF. EM investors believe we may yet continue to see strong flows as US growth continues trending higher, but EM downgrades could still throw a spanner in the works.

20 Jul 2016

Change is coming to Kenya’s banking sector

Kenya’s banking sector has seen a worrying rise in NPLs and a decaying deposit base. With three banks placed under receivership by Kenya’s Central Bank in less than a year and stiffer capital adequacy regulations in the offing, we speak with Linet Muriungi, Head of Research and Edwin Chui, Senior Fixed Income and Banking Sector Analyst at Dyer & Blair Investment Bank about the impact on the…

14 Jul 2016

Eskom lands ZAR20bn loan from AfDB, international lenders

Eskom has secured three loan facilities with the African Development Bank (AfDB) worth ZAR20bn (US$1.4bn) in a bid to boost spending on infrastructure maintenance and skills development. The deal comes months after it secured a smaller facility from the New Development Bank.

8 Jul 2016

Fighting for pricing in Africa

Kenya is planning a new Eurobond issuance, which although unlikely to price better than the country’s last offering, is expected to not be far off. The country is still able to attract investors to its local currency debts, especially as another relatively strong performer in the region on the foreign debt side, Nigeria, has experienced significant volatility in its currency.

1 Jul 2016

Could lending restart in Zimbabwe?

Zimbabwe could soon reach an agreement to repay arrears owed to foreign institutions. Although the move could kick-start lending in the country, political changes will likely be a key factor for foreign FIs as they mull any shift in their operations.

23 Jun 2016

Naira drop hits investments and lending with mixed results

The relaxation in Nigeria’s FX policy has led to a significant devaluation of the naira. Investment will still likely be slow on the local currency side, but foreign currency investment could soon rise. Nigeria’s banking sector will likely suffer in the short term from the naira’s devaluation, but could see a pickup in the long term through dollar inflows.

22 Jun 2016

Africa’s foreign funding dilemma

Although many African borrowers encounter difficulties when borrowing in foreign currencies due to oil prices, exchange rates and high levels of leverage, multilateral lending does provide access to wider funding, and the sukuk markets could widen a borrowers’ investor base.

17 Jun 2016

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