Finance | - Part 10

Mozambique’s Eurobond Strategy May Damage Restructure Prospects

MAPUTO (Capital Markets in Africa) – Mozambique’s decision to skip an interest payment on its Eurobonds this week was a strategic move that will be damaging for the debt-restructuring process it started, a group of investors said. “The non-payment of Wednesday was a strategic default and was not driven by the inability to make the payment,” said Charles Blitzer, a Washington-based consultant who’s advising a group of creditors that hold the majority of the bonds. “This…

Power Africa Partner Gigawatt Global Advances 1,000 MW in Burundi

Posted on by The Editorial Team

BUJUMBURA (Capital Markets in Africa) – Amid the lush and rolling hills of Mubuga, 100 km outside the Burundian capital of Bujumbura, 2,500 people came yesterday to celebrate the festive ground-breaking for a 7.5 MW solar field that will add 15% to the East African country’s generation capacity. In a colorful and drum-accented ceremony attended by government officials, international investors, religious leaders and the diplomatic community, Gigawatt Global (http://GigawattGlobal.com), the leading frontier solar and social development…

Africa’s Biggest Company Seeks Partnerships With Phone Companies

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JOHANNESBURG (Capital Markets in Africa) – Naspers Ltd., Africa’s biggest company by market value, is seeking partnerships with mobile-phone operators on the continent to boost its video-on-demand business and help compete with U.S. giant Netflix Inc. The owner of Africa’s biggest pay-TV provider is planning to build on a joint venture agreed to last year with Kenya’s largest company, Safaricom Ltd., to roll out online service Showmax at more affordable data prices. Safaricom is 40 percent…

Citigroup, Top Africa Loan Arranger, Sees M&A Boosting Lending

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LAGOS (Capital Markets in Africa) – Citigroup Inc., sub-Saharan Africa’s top loan arranger in 2016, expects increased sovereign demand and mergers and acquisitions to drive lending in the region this year as low valuations spur deals. “Lots of financing activity is expected in 2017,” Aziz Rahman, the bank’s head of corporate finance in the region said in an interview on Monday. Loans to sovereigns and corporates will increase as M&A deals rise and infrastructure spending picks…

Nigeria to sell diaspora bonds in March after eurobond issue

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LAGOS (Capital Markets in Africa) – Nigeria will look to issue a debut diaspora bond by March to raise funds from Nigerians abroad, after completing a $1 billion eurobond sale this month, a finance ministry source told Reuters on Wednesday. Nigeria is in its first recession in 25 years and needs to find money to make up for shortfalls in its budget. Low prices for crude and militant attacks in its crude-producing heartland, the Niger Delta,…

Banks Batten Down in Mozambique as Bond-Coupon Payment Looms

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JOHANNESBURG (Capital Markets in Africa) – Africa’s largest banks are ensuring they protect themselves and their clients from the potential fallout if Mozambique defaults on its government debt next week. Standard Bank Group Ltd., the continent’s biggest lender by assets, is holding liquidity in excess of regulatory requirements in its Mozambique unit “to cater for funding withdrawals during periods of stress,” said Finance Director Arno Daehnke. FirstRand Ltd.’s consumer-banking business, First National Bank, is holding all of…

Africa Finance Corp plans maiden sukuk soon

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Africa Finance Corp (AFC), a pan-African multilateral institution based in Nigeria, is likely to make a debut U.S. dollar sukuk issue by early February, banking sources close to the deal said on Wednesday. If AFC makes a final decision to go ahead with the proposed debt sale over coming days, the sukuk will be issued in two or three weeks through a private sale, a banking source familiar with the…

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