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Africa

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

Tepid Macro Backdrop To Weigh on South African Banks in 2020 – UBS

Despite a relatively positive outlook for EM banking sectors loan growth in 2020, a troubling macro backdrop will continue to weigh on the sector in South Africa throughout 2020, according to a recent report from UBS.

17 Jan 2020

Nigeria’s Buhari Signs 2019 Finance Bill into Law

Nigerian President Muhammadu Buhari has ratified a 2019 finance bill that will see a rise in a rise in VAT and taxes on non-resident firms, and ease others for domestic small businesses.

15 Jan 2020

West African Economic and Monetary Union Countries Lead Africa on Growth Amidst Broader Slump

Growth among West African Economic and Monetary Union (WAEMU) countries is expected to hold steady at 6.4% in 2020, according to World Bank figures, while growth prospects in some of the continent’s largest economies remain mixed.

15 Jan 2020

Kenyan Economic Growth Slowed in 2019 – Cytonn

Last year saw Kenyan economic growth slow, largely due to underperformance in the agricultural, transport and electricity sectors, according to the Cytonn Annual Markets Review.

13 Jan 2020

Debt Servicing Costs Seen Weighing on Egypt’s Recovery

While the economic reforms of the past three years have pushed the country in the right direction and helped reduce the fiscal deficit, the interest bill is going to determine the scale of fiscal improvement in Egypt in the coming years, Moody’s said in a recently published paper.

13 Jan 2020

CASE STUDY: Angola Raises USD3bn Eurobond on Encouraging Reform Story

While concerns about sustainability of current debt levels remain, a positive story and juicy yields draw in over USD8bn worth of orders for the sovereign issuance.

8 Jan 2020

Nigeria: Rising Policy Risk, Institutional Weakness Weighs on Economy

Nigeria’s recent attempt to retrospectively tax international oil companies was seen by many as an attempt to desperately plug gaps in the country’s budget. But the government’s strained relationship with the country’s largest revenue generating sector is merely a symptom of much deeper issues: patchy revenue generation, ineffective institutions, and rising policy risk.

20 Nov 2019

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