Africa
FX, not recession, swaying investors' hearts on Nigeria
The fact that Nigeria has officially entered a recession is not likely to dampen investor sentiment around the country despite its current economic situation. Sentiment will, however, be affected by the ability of the government to implement a new FX policy. Until this occurs, many fixed income investors will wait on the side lines.
5 Sept 2016
Nigeria’s planned sukuk will unlock new pockets of investors
Nigeria’s Securities and Exchange Commission has announced the date for the country’s debut sukuk. Although complications in establishing a supportive legal framework have delayed its issuance, other factors such as establishing the proposed sukuk’s client base have to be addressed.
16 Aug 2016
PPP financing opportunities vary across Africa
The financing of various projects through PPPs across Africa is not new, however this method of financing is more established in certain areas of the continent than others. Although there are opportunities for smaller lenders to participate in PPPs across various sectors, larger operations tend to be funded by China.
1 Aug 2016
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