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Africa

South Africa on the cusp of a critical budget

The South African budget will be revealed by Finance Minister Pravin Gordhan. In it, many hope there will be measures outlining how the country will overcome a combination of threats if it is to avoid being downgraded to ‘junk’ by the main ratings agencies.

24 Feb 2016

Standard Bank looks for African loans

Standard Bank is on the hunt for loans for some of its entities. With African Eurobonds proving unpopular amid economic conditions in the region, loans could stage a comeback.

15 Feb 2016

Flight to safety drives down yields on Nigerian bonds

Nigeria has seen yields on its bonds jump amid concerns over the state of the country’s economy, especially on local currency government issuances. Interestingly, new local currency bonds seem to be bucking this trend by offering lower yields than before.

15 Feb 2016

Nigeria shelves Eurobond, Chinese loan on the cards

Nigeria is looking to borrow heavily on both the domestic and international debt markets to fund its budget deficit this year. However rumours that it will forgo Eurobonds for foreign loans seem unlikely considering how much the country wants to raise.

12 Feb 2016

Zambia issues yet more treasury bills

Zambia has steep budget deficits to cover resulting from low copper prices. It has financed these locally and externally, increasing borrowing costs for the country. It is still issuing debt, but falling popularity amongst investors despite high yields has reduced the size of issuances recently.

9 Feb 2016

South Africa raises benchmark rate, but will it halt the bond rout?

The country’s central bank has raised interest rates to stem rising inflation. The move has been long overdue, with investors having considered pricing in an interest rate hike into markets earlier in the month. The bank’s action may also have the potential to halt the rout in the country’s bond market.

1 Feb 2016

Nigeria to debut sovereign sukuk in May

African sukuk issuances have been rare in the past. Recently, some countries in the region including Nigeria have considered sukuk offerings to broaden their access capital, but appetite may be low with the region under pressure fiscally from low oil prices.

29 Jan 2016

HSBC: EM green bonds to double in value by end of year

The value of outstanding green bonds could double in value according to HSBC to between US$133bn and US$158bn by the end of the year. The company predicts green bond issuances will increase over last year from between 32% to 91%, or from US$51bn to US$80bn.

29 Jan 2016

A Nigerian sukuk could outperform its Eurobonds

Nigerian Eurobonds are providing investors with high yields, but they come with added risk due to the state of Nigeria’s economy. The country is trying to stem a revenue loss from low commodity prices. Further Eurobond issuances are planned but are likely to be affected by oil woes. A sukuk issuance in May could fare better.

29 Jan 2016

Qatar could issue sukuk as early as March

Sukuk issuances from the Middle East are expected to increase in 2016, but few are likely to receive as much interest as Qatar if it re-joins the international debt capital markets after a four-year hiatus.

27 Jan 2016

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