The Markets | - Part 188

Home Afrika of Kenya Seeking Up to $49 Million From Investors

NAIROBI (Capital Markets in Africa) – Home Afrika Limited, a Kenyan property developer, will return to debt markets to raise as much as 5 billion shillings ($48.6 million) and complete projects in the capital and on the East African nation’s coast. The company, based in Nairobi, has picked Genghis Capital Ltd. to offer between 2 billion and 5 billion shillings to international investors in the first phase of the funds drive that’s set to begin by April,…

Nigeria stock market deals fell 22 pct last month amid naira crisis

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The value of trading on Nigeria’s stock market dropped by 22.3 percent to 74.1 billion naira ($236 mln) in February from a month before, the stock exchange said on Tuesday, as foreign investors kept to the sidelines. Nigeria is battling a currency crisis brought on by low prices for oil, its main export, and now operates multiple currency regimes dominated by central bank intervention, making it difficult to price…

Nigerian Senate Approves Sale of Extra $500 Million Eurobond

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s senate approved a plan on Wednesday for the issuance of an additional $500 million of Eurobonds after demand for the sale of $1 billion of debt securities in February exceeded supply. The West African nation wants to “take advantage of favorable market conditions,” the government said on its Twitter account. The proceeds from the sale will fund projects in last year’s budget, it said. Nigeria has sought other sources…

Kenya sells bond over mobile phones in world first

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenyans can now buy government bonds using only their mobile phones. The nation’s Treasury on Thursday began selling 150 million shillings ($1.5 million) of three-year debt using a platform known as M-Akiba, the first such product across East Africa. “For the first time we will provide government securities to the entire population,” Central Bank Governor Patrick Njoroge said at a briefing in the capital, Nairobi. “This will dramatically change the savings…

Ivory Coast to Sell First Eurobond Since 2015, Says Minister

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ABIDJAN (Capital Markets in Africa) – Ivory Coast will soon sell Eurobonds in the West African nation’s first issuance of international debt since 2015, said Finance Minister Adama Kone. The offering will start in the “coming days,” Kone said in comments after a cabinet meeting in the commercial capital, Abidjan. He declined to comment on the sale amount or maturity of the debt. The announcement comes as cocoa prices have fallen by more than a third…

Barclays Africa Debt Sale Misses Target as Banks Issue More

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JOHANNESBURG (Capital Markets in Africa) – Barclays Africa Group Limited sold less than half its target in a bond auction as a wall of debt issuance by South African banks and the impending exit of its U.K. parent, Barclays Plc, damped demand. Barclays Africa offered 1.5 billion rand ($113 million) of notes on Monday but raised only 642 million rand within price guidance, according to Deon Raju, head of treasury at the Johannesburg-based lender. The debt…

South Africa rand hits near 19-mth high as Fed signals gradual tightening

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s rand hovered near a 19-month high against the dollar early on Thursday after the U.S. Federal Reserve raised interest rates on Wednesday, but signalled a gradual pace of rate hikes for the rest of the year. At 0646 GMT, the rand traded at 12.8125 per dollar, flat from its New York close on Thursday, after rallying to 12.77 late on Wednesday in the wake of the Fed’s…

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