Kenya | - Part 22

Central Bank of Kenya to float 12-year infrastructure bond

NAIROBI (Capital Markets in Africa) – Kenya has floated treasury bond worth US$288 million to fund infrastructure projects coming two weeks after it cancelled a similar bid, Central Bank of Kenya (CBK) has said. The 12-year infrastructure bond, which is up for sale for the next two weeks and will later be listed at the Nairobi Securities Exchange’s secondary market from February 28. “The Central Bank, acting as a fiscal agent for the Republic of…

Rwanda to sell 20 pct stake in I&M Bank next week

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NAIROBI (Capital Markets in Africa)) – The Rwandan government plans next week to sell its 20 percent stake in I&M Bank operations in Rwanda, with the aim of raising 11.5 billion francs ($14.1 million), a minister and a senior executive said. The initial public offering (IPO) would be launched on Feb. 14 and the proceeds would be used to help finance a new airport at Bugesera, east of the capital Kigali, the officials said. “The…

INTO AFRICA February 2017 Edition: Africa’s Economic Path in 2017

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LAGOS, Nigeria, Capital Markets in Africa: Welcome to the 2017’s first edition of INTO AFRICA, the publication with fresh insight into Africa’s emerging capital markets. In this edition, we bring you a selection of insights on Africa’s economic prospects in 2017. Please download by clicking: INTO AFRICA PUBLICATION: FEBRUARY 2017 EDITION. The collapse of oil prices has had far-reaching effects on African economies in 2016. For commodity exporters, the implications are glaring – weaker revenues have…

Kenya Election May Pose Risk to Economy, Raise Tension, IMF Says

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NAIROBI (Capital Markets in Africa) – Kenyan elections may hamper the government’s plans to reduce spending in line with requirements under an International Monetary Fund program, the Washington-based lender said. The vote in East Africa’s biggest economy that’s slated for Aug. 8 could “erode program ownership, delay fiscal consolidation plans, and potentially lead to heightened political instability,” the Washington-based lender said in a statement in its first review of the economy under a $1.5 billion precautionary loan arrangement….

Cytonn takes 25% stake in real estate developer Superior Homes, Kenya

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NAIROBI (Capital Markets in Africa) – Cytonn Investments acquired a 25 per cent stake in real estate developer Superior Homes, as it aims to grow its property portfolio in the Kenya market. The investment firm which has a Sh73 billion real estate portfolio sealed the deal yesterday by injecting Sh1 billion in Superior Homes, setting pace for mergers and acquisitions in the sector. The series of transactions as structured values Superior Homes at about Sh4…

Kenya Warns ‘Trump Effect’ Poses Threat to Its Economy

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NAIROBI (Capital Markets in Africa) – Uncertainty surrounding U.S. policies on trade and immigration poses a major external threat to East Africa’s biggest economy, Central Bank of Kenya Governor Patrick Njoroge said. The lack of predictability on policy is stoking fears of abrupt changes that may affect trade between the U.S. and Kenya, some of which may end up eroding sources of foreign currency, Njoroge told reporters Tuesday in Nairobi, the capital. While Kenya has sufficient buffers,…

Kenya May Hold Off Further Easing on Weak Shilling, Rate Cap

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NAIROBI (Capital Markets in Africa) – Kenya’s interest-rate cap that has failed to stimulate private-sector lending and the nation’s falling currency may force the central bank to hit the brakes on its loosening monetary policy stance. The Central Bank of Kenya’s Monetary Policy Committee led by Governor Patrick Njoroge may adopt a “wait-and-see approach” at its meeting on Monday in order to further assess the effect of a law passed in August that limits how much banks can…

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