The Markets | - Part 222

Desperate for Funding, Nigeria Prepares to Face Bond Investors

LAGOS, Nigeria, Capital Markets in Africa: The odds are stacked against Nigeria as it looks to raise debt on the international markets for the first time in almost three years. Finance Minister Kemi Adeosun is leading a team of officials that will meet bond investors at London’s five-star Corinthia Hotel on Tuesday at a time when Africa’s biggest economy is on the verge of a recession, oil production has fallen to about a three-decade low, and the budget deficit…

Ghana Mulls Syndicated Loans After Abandoning Eurobond Sale

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ACCRA, Ghana, Capital Markets in Africa: Ghana is considering raising money through private bank loans, abandoning plans to sell as much as $1 billion of Eurobonds on concern its inability to raise targeted budget revenue may spark an investor selloff. With-lower-than-expected oil prices, the government can’t raise all the revenue needed to meet the budget gap, the Ministry of Finance said in a statement on its website. That may worry investors in Ghana’s Eurobonds and prompt them to…

Commodities Set to Break Into Bull Market After Four-Year Rout

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LAGOS, Nigeria, Capital Markets in Africa: The four-year bear market that pushed commodities to the lowest level in a quarter century is coming to end as supply constraints drive a recovery in everything from soybeans to zinc. The Bloomberg Commodity Index, which tracks returns from 22 raw materials, is on track to close more than 20 percent above its low on Jan. 20, meeting the common definition of a bull market. While the index has come close to…

South African Bonds Gain Most in Two Months With Rand on S&P

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Johannesburg, South Africa, Capital Markets in Africa: South African bonds gained, driving yields down the most in more than two months, after the country escaped a downgrade that would have left its debt rated so-called junk. Yields on benchmark rand bonds due December 2026 dropped 15 basis points, the most since March 13, to 9.04 percent by 3:23 p.m. in Johannesburg, adding to an 11-point decline on Friday after S&P Global Ratings affirmed South Africa’s…

Commodities Stand on Brink of Bull Market After Oil’s Recovery

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LAGOS, Nigeria, Capital Markets in Africa: Commodities are approaching a bull market after prices rebounded from the lowest in at least 25 years on a rally in oil, soybeans and zinc. The Bloomberg Commodity Index, which tracks returns from 22 raw materials, climbed 0.7 percent to 87.31 by 8:44 a.m. in New York. A close above 87.45 would mark a 20 percent advance, meeting the common definition of a bull market. Prices briefly surpassed that level today….

Market Watch: Emerging Stocks Climb to Four-Week High as Turkish Bonds Advance

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks headed for its highest close in four weeks as rising oil prices bolstered optimism the global economy is strong enough to withstand an U.S. interest-rate increase. Turkish bonds rallied after core inflation fell the most in more than a year. The MSCI Emerging Markets Index capped a 0.4 percent advance for the week after Brent crude closed above $50 a barrel and OPEC ministers said global oil markets…

Nigeria Said to Plan Bond Investor Meetings in London Next Week

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LAGOS, Nigeria, Capital Markets in Africa: Nigerian officials are meeting bond investors in London next week, according to a person familiar with the matter, as the government considers tapping international debt markets to help finance its record budget deficit. Finance Minister Kemi Adeosun will head the meetings on June 7, which have been arranged by Standard Chartered Plc, according to the person, who asked not to be identified because he’s not authorized to comment publicly. Abraham Nwankwo, head of…

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