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Africa

Ethiopia: The Next African Frontier?

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

As Egypt Woos Emerging Market Investors, Analysts Insist on Urgency of Further Reforms

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

COUNTRY PROFILE: Rwanda Offers Africa a Role Model for Pro-Market Reforms

In spite of its troubled past, Rwanda’s impressive post-civil war progress in opening up its markets and establishing a strong business-friendly governance mode have largely gone under the radar. That is starting to change, and its neighbours are beginning to take heed.

12 Apr 2019

When it Comes to Green Bonds in Nigeria, Access Bank “Can’t Go it Alone”

Nigeria’s Access Bank became the first corporate in the country to place green bonds in the public market, but will the move inspire other borrowers to tap into emergent pools of ESG-conscious liquidity? Greg Jobome, Executive Director of Risk Management at Access Bank and one of the key project managers for the Bank’s recent transaction seems to think it will, but more work needs to be done to…

3 Apr 2019

CASE STUDY: Absa Group Issues Inaugural USD400mn Basel III Compliant Regulatory Capital Bond

Absa Group’s recent inaugural USD400mn Tier II bond not only satiated its own capital requirements dictated by Basel III, but it also provided the dollar funding necessary for the bank’s future growth and created a benchmark for similar transactions across the continent.

26 Mar 2019

SWOT: As Liquidity Tightens, East African Borrowers Turn to DFIs, ECAs, and Short-Term Funding

Following a recent research trip to the region and conversations with bankers and investors on the ground, Bonds & Loans put together a summary of key strengths, weaknesses, opportunities and threats East African economies are set to face over the next 12 months.

19 Mar 2019

SA Institute of Race Relations CEO: Financial Innovation at the Heart of South Africa’s Turnaround

With a potential credit downgrade in the offing, yawning fiscal gaps to fill, and an election on the horizon, South Africa has found itself at yet another critical junction, forcing government and state-owned companies to weigh short-term wins against long-term objectives. In advance of our Bonds, Loans & Sukuk event in Cape Town in March, we speak with Dr Frans Cronje, CEO of the South African…

8 Mar 2019

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

EM ended the week firm on rising optimism regarding US-China trade. Talks will continue this week ahead of Friday’s deadline. It may be too soon to strike a deal, however, and so we expect a 60-day extension. China provides the first snapshot of February activity with its PMI readings this week, where some stability is seen after recent stimulus measures. Downside risks remain in place, however.

25 Feb 2019

Viscous Fiscus: In Pursuit of Reform, South Africa Takes One Step Forward, One Step Back

Markets have hung their hopes on the upcoming 2019 election and the avoidance of a blowout at troubled state-owned utility Eskom as potential reasons for optimism in South Africa, but without a monumental shift in mindset, or an end to the factionalism that has increasingly defined the executive and the ANC, both reform and growth will remain elusive.

22 Feb 2019

Special Report: The Cost of Internet Shutdowns in Africa

How do telecom operators and governments shut down an entire country’s connectivity? In Africa, where is the risk highest in 2019? And, what is the commercial and economic impact of the shutdowns? EXX Africa's Robert Besseling provides the analysis.

12 Feb 2019

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