Africa bond: special focus

By:
Published on:

Africa

Awards for Excellence 2016 Africa: The silver lining in black gold’s fall
July 2016
They might not like to admit it, but the decline in commodities prices could be just the impetus that the regions’ investment banks, and their capital markets, need. 

oil hand-R-160x186
Country risk: Kenya, Gabon, Ghana among the borrowers contemplating sub-Saharan shock
May 2016
Euromoney’s country risk survey shows the safety of sub-Saharan Africa (SSA) issuers is once again in question, as economies flounder, debts spiral and capital access tightens.

Kenya’s mobile bond on hold
March 2016
First there was M-Pesa, Kenya’s innovative and highly popular text-banking service that turned mobile phones into mobile ATMs, transferring money by SMS.

Africa: Ethiopia takes a different path
December 2015
Ethiopia light railway-R-600
The government insists that its banking sector will remain closed to external investment. But can the country’s economy thrive without better access to international credit?

Country risk: Angolan investors ignore risks
November 2015
José Eduardo dos Santos-R-600
Investors snapped up Angola’s $1.5 billion Eurobond debut this month, and yet the sovereign borrower’s country-risk score has plunged, putting it among the world’s worst default risks.

Yield for Ghana bond hits double digits
November 2015
Highest mark of any African Eurobond in 2015; debt sustainability questions linger.

Eurobond option still on the cards for Angola
October 2015
Armando Manuel, Angola’s finance minister, says that Angola will still issue a Eurobond despite recurring delays.

Angola's de-dollarization drive
September 2015
"Bonds issued in kwanza indexed to the dollar are an asset that has been on the rise over the last couple of years." 

Africa FX special report: Still an appetite for African debt
September 2015
Emerging-market turmoil stemming from a raft of global issues has dented bond issuance from Latin America to emerging Asia. Africa has been hit hard too, though the picture here is a mixture of good and bad.

Angola: New exchange faces liquidity question
September 2015
One of the aims of the exchange is to provide a modern platform for trading bonds and stocks that meets international standards, says Pedro Pitta Groz, CEO of Bolsa de Dívida e Valores de Angola (Bodiva).

No Eurobond plan for Nigeria Access Bank post Moody's rating
July 2015
Access Bank has become the second bank in Nigeria to receive a rating from Moody’s, illustrating the bank’s strengths despite challenging macroeconomic conditions.

Ghana’s $1.5 billion Eurobond plan to test weary investor appetite
July 2015
As Ghana prepares to return to the Eurobond market, bankers say the sovereign’s debt sustainability will be tested, amid weak real-money appetite for frontier economies.

Africa: New Islamic finance for a growing continent
May 2015
With expanding economies and hundreds of million Muslims, Africa deserves to be a bigger part of Islamic finance. After a slow start, there are signs the sector is beginning to gain the crucial mass and legislative backing it needs.

Africa: Power shines bright despite Abil collapse
May 2015
Investors and issuers think alternative energy might soothe the bruises left by the failure of African Bank.

Innovations in Islamic Finance 2015: Morocco Safi
May 2015
Helping to demonstrate the role that Islamic finance can play in Africa, which was one of the themes of the year.

AFC inaugural Eurobond benefits from Nigeria’s post-election relief
May 2015
Africa Finance Corporation's (AFC) debut bond is buoyed by positive investor sentiment towards sub-Saharan Africa's (SSA) largest economy.

Bumpy ride for South African investors
April 2015
The Brics sovereign is still worrying the risk experts – and its downgrades seem likely to continue.

Escalating risks for sub-Saharan African Eurobond issuers
February 2015
Risk experts have become increasingly concerned about prospects for the majority of African sovereign borrowers that are considering issuance in 2015. Will investors demand a premium?

Cote d’Ivoire kicks off African Eurobond market for 2015
February 2015
Cote d’Ivoire’s latest Eurobond and the first out of sub-Saharan Africa this year indicates investor appetite for African sovereign debt and the country’s strong fundamentals.

Ghana-IMF deal faces hurdles amid likely delay
February 2015
Ghana has been in discussions with the IMF since September over a new programme, but the March deadline is likely to be missed as the administration seeks to resist pre-election giveaways and cut the public-sector wage bill, say analysts.

Angola to test African Eurobond appetite
February 2015
Angola could become the first African sovereign bond borrower since the great oil price crash this year in a debut deal that will set the tone for frontier-market debt.

African Eurobonds suffer as commodity prices slump
January 2015

African capital markets have been driven by a boom in Eurobond issue during the past two years, but supply and demand has come under fire after plummeting oil and commodity prices.

Navigating Africa’s disparate markets
December 2014
Illiquid markets, limited exchanges and sometimes vague institutional information make Africa’s securities landscape difficult to navigate. Firms such as Imara are in a good place to act as guides.

Angola sets sights on capital-markets reform
November 2014
The development of Angola's capital markets has been long promised but recent indications from the country's capital-markets commission suggests secondary public-debt trading could begin as early as next month. Nevertheless, it's unclear when the stock exchange will open its doors.

Kenyan corporates to raid Eurobond market
September 2014
Kenya’s top-tier corporates and financial institutions are primed to follow hot on the heels of the sovereign’s Eurobond issue. But the volume is likely to be modest relative to Nigeria.

South Africa sukuk draws in Middle East and Asia
September 2014
South Africa issued its long-awaited debut sukuk on Wednesday in a bid to diversify away from conventional means of fundraising and attract investors in growth markets in the Middle East and Asia.

SSA corporate funding: Sub-Saharan Africa set for more equity deals, survey finds
September 2014
Sub-Saharan Africa’s capital markets continue to make up a tiny proportion of overall global investment banking activity. Investment banking fees for the region in the first eight months of the year totalled less than $200 million, a fraction of a global fee pool of close to $60 billion, according to data from Thomson Reuters.