Finance

LONDON (Capital Markets in Africa) – One of the U.K.’s largest pension funds, which oversees the retirement assets of 350,000 British railworkers, is betting on private credit to help preserve returns during the next downturn. RPMI Railpen aims to boost its exposure to private debt to as much as 40% within a private investment strategy totaling 4.5 billion pounds ($5.5 billion) across two funds. While still a fraction of the scheme’s 30 billion pound asset total,…

JOHANNESBURG (Capital Markets in Africa) Steinhoff International Holdings NV is considering an initial public offering of Pepkor Europe, its fastest-growing unit, as the scandal-hit South African retailer seeks funds for the next phase of its recovery plan, people familiar with the matter said. The company has been discussing a listing of Pepkor Europe with potential advisers, according to the people, who asked not to be identified because the information is private. The business — which owns…

LAGOS (Capital Markets in Africa) – The U.S. and Africa have different views on their future trade relationship when a preferential access deal expires in 2025. U.S. Assistant Secretary of State for African Affairs Tibor Nagy said in an interview Sunday his country favors bilateral trade agreements with African nations. A day later, African Union Trade and Industry Commissioner Albert Muchanga said the AU favors a free-trade agreement with the U.S. to replace the African Growth and Opportunity Act….

KAMPALA (Capital Markets in Africa) – Uganda will be able to get the cash it needs to build a planned $3.5 billion oil-export pipeline, with financiers ready to commit funds as soon as a final investment decision is made, according to Stanbic Bank Uganda Ltd. The project has attracted “a lot of interest” and raising capital “is not a problem,” Stanbic Chief Executive Officer Patrick Mweheire said Tuesday in Kampala. The pipeline, which is crucial to plans…

LONDON (Capital Markets in Africa) – Sirius Minerals Plc plunged as its plans to build a $3.8 billion mine in the northeast of England were thrown into doubt after the company suspended a $500 million bond sale. The setback to a critical part of Sirius’s financing plan is the latest blow in almost a decade of efforts to build its giant potash mine. It’s so far had to overcome environmental opposition, concerns about demand prospects…

LONDON (Capital Markets in Africa) – Royal Dutch Shell Plc got caught into the same earnings trap as many of its peers, reporting second-quarter earnings that fell well short of expectations as the slowing global economy hit everything from natural gas to chemicals. Profit in Shell’s integrated gas division was down by 25%, but earnings were lower across all of its businesses, including upstream oil and gas production, and refining and chemicals. “We’ve seen some very…

LAGOS (Capital Markets in Africa) – Nigeria has set up a task force to recover about 5.5 trillion naira ($15 billion) of bad loans taken over during a banking crisis more than a decade ago. The loans are owed to the Asset Management Corp. of Nigeria, known as Amcon, which bought them over during the 2009 banking crisis, the Abuja-based presidency said on its Twitter account Tuesday. The group includes the Economic and Financial Crimes…