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Africa

Ailing SoEs Pose Systemic Fiscal Risk in Pockets of EM

A new analysis by the IIF indicates that struggling state-owned giants such as Pemex and Eskom remain vulnerable and pose risks to their respective countries’ sovereign credit outlook.

30 Jan 2020

Kenya’s Rate Cap is Dead, but Private Credit Growth May Remain Elusive for Some Time

The introduction of the interest rate cap in 2016 was intended to enhance access to credit for retail customers and Kenya’s large SME sector. Instead, the effect was very much the opposite. But despite the recent repeal of the cap, the path back towards strong private sector credit growth may be more challenging than it may first appear.

30 Jan 2020

Spike in Africa Eurobond Maturities in 2024, 2025 Shouldn’t Overwhelm Sovereign Refinancing – M&G

Despite elevated idiosyncratic risk and concerns around emerging market sentiment more broadly, a spike in African Eurobond maturities in 2024 and 2025 is unlikely to overwhelm the sovereigns’ ability to refinance their bonds given advances in active debt management and a positive track record of repayment, according to M&G Investments.

29 Jan 2020

Egyptian Pound Bolstered by Foreign Inflows into LCY Market – Standard Chartered

Global risk appetite and high yields in Egypt’s local currency market are helping to bolster the strength of the Egyptian pound, according to a recent note from Standard Chartered.

28 Jan 2020

Africa-Russia Economic Linkages Will Struggle to Expand Beyond Security, Arms, Soviet Vestiges

There seemed to be no shortage of talk in 2019 around bolstering commercial and trade links between Russia and a number of African countries, but after high-level summits and dozens of press releases, industry observers see limited scope to expand those economic linkages beyond security, arms, and soviet vestiges.

28 Jan 2020

Lekoil Loan Scam Could Harm Attempts to Fill Gaps Left by Oil Majors

A stunning scam that saw Nigerian oil company Lekoil discover a loan it had purportedly secured from the Qatar Investment Authority was fake could harm Nigeria’s efforts to plug a growing gap left by international oil and gas companies.

24 Jan 2020

Commercial Deals Totalling GBP6.5bn Between UK and Africa said to ‘Underwhelm’ Following High-Profile Summit

The UK and African governments launched a series of new initiatives during a high-profile investment and trade summit hosted in London this week, but despite the hype around the potential for post-Brexit free trade opportunities, some observers remain relatively underwhelmed.

23 Jan 2020

CASE STUDY: IHS Towers Closes Largest Ever African Corporate Debt Deal

The USD1.8bn holistic financing included a local currency bond, Eurobond and loan, making it the largest corporate debt deal on the African continent.

23 Jan 2020

CDC Group Inks USD400mn in New Deals As UK-Africa Investment Summit Kicks Off

UK-based development finance institution CDC Group has announced a raft of new deals with Africa-based counterparts totally USD400mn, mostly to support small and medium-sized businesses across the continent.

21 Jan 2020

Niger State Looks to Borrow up to NGN25bn to Capital Markets

Niger State Governor Alhaji Abubakar Bello has written to the House of Assembly to request legislative approval to issue up to NGN25bn (approx. USD69mn) in sukuk.

21 Jan 2020

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