East Africa continues to be a world leader in the mobile banking space. Consumers across the region are now able to access an array of financial products through their smartphone, from online payment services to micro loans, enhancing financial inclusion for a largely underbanked population. Bonds & Loans speaks with Wayne Hennessy-Barrett, CEO of 4G Capital, a FinTech providing a combination of…
20 Jun 2019
The last three years have been tough for Kenyan banks and corporates. The introduction of the interest rate cap in 2016 sapped liquidity, leaving many corporates deprived of financing. But the last few years have also seen the blossoming of new liquidity pools including private equity and mobile lenders, which are beginning to claw market share away from banks, according to CFOs and bankers who…
13 Jun 2019
In May, Kenya became the latest African sovereign to take advantage of relatively subdued global rates and tap international bond investors for fresh funding, but a closer look at debt sustainability metrics suggest the country, and some of its peers, may be slowly running out of room to borrow.
4 Jun 2019
Ghana Cocoa Board (Cocobod), which oversees the production, processing and marketing of cocoa, shea nut and coffee from the world’s second largest producer, regularly turns to international markets to satiate its funding requirements. However, Cocobod’s recent USD300mn syndicated loan marks a milestone in the African corporate market due to its innovative sustainability-linked features.
29 May 2019
In the world of emerging and frontier markets, there is rarely a dull moment. But while countries like Venezuela or Argentina continue grabbing headlines, one country in southern Africa is starting to creep ever so slowly into the limelight – and it’s not Mozambique.
24 May 2019
The African nation’s first international bond, a EUR500mn 7-year Eurobond, saw Bénin tap the market on the same day as neighbouring Ghana at a time when global investors, buoyed by the Fed’s dovish mood swing, piled into high yield sovereign debt.
7 May 2019
Having exhausted most monetary policy levers, fiscal stimulus appears to be the ultimate go-to solution for lack of growth in the developed world – but it is often very costly, and tends to stand in the way of deeper, much-needed structural reform. Ashmore's Jan Dehn looks at how this dilemma may be resolved.
30 Apr 2019
Since coming to power in April 2018, Abiy Ahmed Ali has set Ethiopia upon a new path towards liberalisation. Seeking to temper the established model of state-led growth, Abiy has sought to boost the economy through massive investment in infrastructure and manufacturing, as well as a sweeping programme of privatisation. But so far these policies have yet to bear fruit, and the spectre of political…
24 Apr 2019
A much-oversubscribed sovereign bond issued by the Republic of Egypt earlier this year reinforced a sense of optimism among emerging market investors about one of the region’s most promising economies, but analysts caution that the sustainability of the country’s improving macro, growth and investment outlook fundamentally hinges on deeper empowerment of the private sector and removal of the…
19 Apr 2019