The Markets

Moody’s: M&A Props Up Corporate Issuance

A recent surge in merger activity brings the current year’s pace in line with last year’s massive gains. Such heavy dealmaking volume is likely to persist, given favourable capital markets and the desire of firms to gain scale amid weak profit growth. That merger trend can give a great lift to corporate debt issuance, despite earlier expectations for a slowdown in corporate borrowing. Adding to the favourable environment for both issuance and M&A is a…

MOPCO in talks to hire financial advisor for IPO

Posted on by The Editorial Team

State-owned Misr Fertilizers Production Company (MOPCO) is in talks to appoint an independent financial advisor to set the stock’s fair value in preparation for listing on the local stock market, said Chairman Hassan Abdel Alim. The Egyptian Exchange said it received a request on Thursday from the state-owned fertiliser producer to list on the stock market with EGP 2.3 billion capital. The portion of shares to be floated has not been defined yet, the top…

African real estate has unique drivers for growth: PwC report

Posted on by The Editorial Team

Global megatrends, such as rapid urbanisation and demographic changes, will drive growth opportunities in the real estate industry across the African continent over the next five years. “The pace of change in the world is accelerating, with a series of transitions, known as global megatrends, transforming the way in which business and society operate,” says Ilse French, Real Estate Leader for PwC Africa. “More and more, investors around the world are seeing the growth potential…

Senegal to issue $500 mln to $1 bln in international bonds

Posted on by The Editorial Team

DAKAR, March 18 (Reuters) – Senegal plans to issue between $500 million and $1 billion in debt in international markets this year starting from June to cover its budget needs, an economic adviser to President Macky Sall said on Wednesday. Mamadou Fall Kane said the West African country’s government was concerned by the strength of the dollar and would use currency swaps to hedge its exposure on dollar-denominated debt. Senegal, a member of the eight-nation…

South Africa’s rand steady before Fed statement

Posted on by The Editorial Team

JOHANNESBURG (Reuters) – South Africa’s rand steadied against the dollar early on Wednesday, with markets waiting for the U.S. Federal Reserve’s policy statement for clues on when the Fed will hike interest rates.The rand was also under pressure after optimism provided by a narrowing of the current account deficit in the fourth quarter of 2014 was overshadowed by signs of foreign capital flight.At 0615 GMT the rand was trading at 12.3735 to the dollar, not…

Frontier Markets Debt May Dodge Fed Bullet

Posted on by The Editorial Team

Sovereign debt issuance from frontier markets this year may not reach last year’s record levels but new bonds are still likely to be warmly received by investors, says Steffen Reichold, a portfolio manager at Stone Harbor Investment Partners, which manages around $45 billion in frontier- and emerging-markets debt. With the U.S. Federal Reserve likely to begin raising interest rates later this year, countries are feeling pressure to issue debt while yields are still relatively low, Reichold says….

Egypt bourse expects 7-8 stock listings by mid-2015: chairman

Posted on by The Editorial Team

ABU DHABI (Reuters) – The chairman of the Egyptian stock exchange expects seven or eight companies to list on the bourse by mid-2015, he said on Wednesday.Mohammed Omran told a securities conference in Abu Dhabi that three large companies had already gone public in Egypt this year. However, it wasn’t immediately clear whether these three companies were part of Omran’s calculations for initial share sales in the first half of 2015.Orascom Construction began trading on…

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