The Markets | - Part 132

Ghana Weighs Panda to Samurai as $2.5 Billion Bond Sale Nears

ACCRA (Capital Markets in Africa) – Ghana is considering selling bonds from China to Japan as the country prepares to issue as much as $2.5 billion in foreign-currency debt this year. Last month, lawmakers in the West African nation gave approval for the Finance Ministry to proceed with a debt sale. Ghana will use $1 billion to help meet its 2018 budget and the remainder to refinance dollar bonds of as much as $1.5 billion should…

Ecobank to Boost Transaction Income to Reduce Lending Focus

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LAGOS (Capital Markets in Africa) – Ecobank Transnational Inc., the most geographically diverse African lender, plans to increase revenue from transactions rather than depending on interest from loans, Chief Executive Officer Ade Ayeyemi said. “We’ve been a big lending bank, we are now moving more and more to a big transaction services bank,” he said on the sidelines of the Africa CEO Forum in Abidjan, the commercial capital of Ivory Coast. “You need to be a balanced…

MTN Is Said to Raise Target for Ghana IPO to $787 Million

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ACCRA (Capital Markets in Africa) – MTN Group Ltd.’s Ghanaian unit lifted its target for an upcoming initial public offering by more than a half to 3.48 billion cedis ($787 million), according to two people familiar with the matter. Africa’s biggest mobile-phone company by subscribers is preparing to list a 35 percent stake in its Ghanaian business on the local stock exchange, valuing the unit at about $2.2 billion. While the bourse estimated the value…

Deutsche Bank Sees Robust Year for South Africa IPOs, Bond Sales

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JOHANNESBURG (Capital Markets in Africa) – Deutsche Bank AG sees initial public offerings and bond sales driving South African deals this year after a record 2017. The country’s capital markets are “buoyant,” driven by global sentiment, and a “backlog” of IPOs that were due to happen late last year will now happen in 2018, Simon Denny, head of corporate finance for Deutsche Bank’s Johannesburg-based unit, said in an interview. “Sentiment has swung around and I am bullish around…

Mozambique’s Bondholders See `Gaps’ in Restructuring Plans

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MAPUTO (Capital Markets in Africa) – A group of key Mozambique bondholders questioned the government’s proposals on restructuring about $2 billion of its foreign debt, saying they lacked “important” information. The so-called Global Group of Mozambique’s Bondholders, which says it has the backing of investors owning more than 80 percent of the nation’s $727 million of Eurobonds, had earlier dismissed the government’s initial restructuring plan announced March 20 as a “total non-starter.” The notes, which…

Bitcoin Slumps After Binance Is Said to Face Warning in Japan

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LAGOS (Capital Markets in Africa) – Bitcoin fell after one of the world’s largest cryptocurrency exchanges was said to face a government rebuke for operating without a license in Japan, heightening concern that increased regulatory scrutiny will curb demand for digital assets. Japan’s Financial Services Agency is planning to tell Binance, the trading venue founded by Zhao Changpeng, to stop operating in the country without official approval, a person familiar with the matter said. Binance has…

Ghana Is Said to Name Citi, Three Others to Market Eurobond

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ACCRA (Capital Markets in Africa) – Ghana appointed Citigroup Inc., JP Morgan Chase & Co, Bank of America Corp. and Standard Chartered Plc as head arrangers to market an upcoming sale of Eurobonds, according to two people familiar with the matter. The West African nation also named Accra-based Fidelity Bank Ltd. and IC Securities as co-arrangers, said the people, who asked not to be identified because they’re not authorized to speak publicly about the matter. Ghana…

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