Africa

#BondsLoans24 - Debt relief: What is the impact on private creditors? What are the implications for EM debt as an asset class?

Samir Gadio (Standard Chartered), Lucie Villa (Moody’s Investors Service), Trang Nguyen (SMBC Nikko Capital Markets) and Thomas Christiansen (Union Bancaire Privee) consider the implications of debt relief for private investors, and on the EM debt asset class as a whole

17 Jul 2020

#BondsLoans24 - What role can capital markets play in ensuring the equitable distribution of a COVID-19 vaccine across Africa?

Christopher Egerton-Warburton (Lion’s Head Global Partners) and Cyrus Ardalan (Gavi, the Vaccine Alliance) discuss development of a vaccine and equitable distribution with the help of capital markets

17 Jul 2020

#BondsLoans24 - DFIs, IFIS and ECAs in Africa: A change of strategy or business as usual?

Deepak Dave (African Trade Insurance Agency), Banji Fehintola (Africa Finance Corporation), Vivian Ramathuba (New Development Bank), Ayman Sejiny (ICD) and Abraham Byanyima (Trade & Development Bank) discuss debt relief, social bonds, and the role of DFIs, IFIs and ECAs post-pandemic

17 Jul 2020

#BondsLoans24 - How are African governments securing financing for their COVID-19 response?

Greg Smith (M&G Investments), Siyabonga Shange (Republic of South Africa), Patience Oniha (Republic of Nigeria), and Kobby Bentsi-Enchill, (Stanbic IBTC) discuss funding prospects for African sovereigns and access to international markets

8 Jul 2020

#BondsLoans24 - Understanding price discovery in African credit

Simon Howie (Ninety One), Joe Delvaux (Emerging Market Investment Management), David Rajak (Bayport International), Brock Hoback (ALCB Fund), and Matthew Duggan (Absa) analyse how to price African credit when there are no benchmarks

8 Jul 2020

#BondsLoans24 - How has COVID19 altered the trajectory of Africa from now until 2030?

Guy Lundy of Spencer Stuart speaks at #BondsLoans24 about how COVID19 has impacted the trajectory of the African continent socially, politically and economically

2 Jul 2020

COVID-19 Sets Per-Capita Income in Sub-Saharan Africa Back by Nearly a Decade – IMF

Growth in Sub-Saharan Africa (SSA) is set to contract by twice the amount previous forecast in April, according to the latest IMF estimates, with per-capita income across the continent falling to levels not seen in nearly a decade.

2 Jul 2020

South Africa’s Eskom Explores Local Sukuk Issuance to Plug Yawning Financial Gap

South African state-owned utility Eskom may look to issue sukuk in a bid to raise funding in the local market, according to a tender document.

30 Jun 2020

South Africa’s Emergency Budget Faces Credibility Challenge, Analysts Say

South Africa’s emergency budget tabled by Minister of Finance Tito Mboweni this week spelled out a number of “difficult decisions” for the country but made few, raising yet more credibility concerns around one of the region’s largest economies.

25 Jun 2020

The 'Battle' For South Africa

The looming contest over South Africa’s political direction will kick off with a dispute over IMF financial support to plug a massive gap in government revenues. Opponents of IMF conditionalities favour tapping into state pension funds or stepping up central bank bond buying to make up the shortfall. With ‘battle’ lines drawn across the ruling alliance’s ideological divisions, the outcome of the…

17 Jun 2020

Rwanda Secures Additional USD111mn from IMF to Tackle COVID-19 as Pandemic Costs Mount

The IMF has agreed to provide Rwanda with an additional USD111.06mn in financial support to help the East African nation tackle the mounting costs of the coronavirus pandemic.

12 Jun 2020

Intellidex: South Africa Should Issue a Social Bond to Finance Pandemic Support

South Africa should explore the possibility of issuing a social bond to help finance programmes aimed at countering the impact of COVID-19, according to a recent paper published by a group of economists.

28 May 2020

Nigeria Opens Subscriptions for NGN150bn Sukuk as Shift to Local Market Funding Accelerates

Nigeria’s debt management office (DMO) has opened the book on a NGN150bn (approx. USD385mn) sukuk, part of the government’s wider efforts to shift back to domestic markets for funding in a bid to help relieve pressure on foreign currency reserves.

22 May 2020

Moody's: G20 Debt Suspension Will Only Marginally Ease Pressures on EM Economies

The decision to suspect debt payment on debt to some of the world’s poorest economies will only marginally ease pressures on financing, according to a recent report from Moody’s Investors Service.

22 May 2020

With Widescale Chinese Debt Forgiveness in Africa Unlikely, Focus Shifts to Vulnerable Debtors

China has signalled its willingness to provide debt service relief alongside the G20 by signing onto the landmark agreement in April, a crucial tailwind for several Sub-Saharan African countries. But with wholesale debt forgiveness unlikely and debt reprofiling renegotiations potentially stretching on much longer than expected, attention is now shifting to some of the region’s more vulnerable…

21 May 2020

OPEC+ Production Cuts Will Place Additional Strain on Nigeria’s Economy

Adhering to the recently agreed OPEC+ oil production cuts will only deepen Nigeria’s economic problems and exacerbate its difficulties with external finances, according to a recent report by Fitch Ratings. Whilst liquidity provided by multilaterals will help ease some pressures in the short-term, macroeconomic strains will continue.

20 May 2020

South Africa Details Rise in Government TB Auctions

The National Treasury announced a step-up in local currency borrowing in the form of South African Government Bills (SAGB) and inflation-linked bonds (ILB). But according to Peter Attard Montalto, Head of Capital Markets Research at Intellidex, additional government borrowing in the mid- to long-term may become unsustainable.

12 May 2020

Kenya, Uganda Score IMF Funding in Boost for COVID-19 Response

The International Monetary Fund (IMF) approved rapid disbursements of emergency funding for Kenya and Uganda this week to help the East African nations finance measures to address the COVID-19 pandemic.

7 May 2020

Kenya to Raise KES50bn in Domestic Markets in May

Kenya’s central bank said it plans to raise KES50bn (approx. USD471mn) in five-year paper in May this year.

6 May 2020

COVID-19 Poses Severe Threat to South Africa’s Banking Sector - Fitch

The pandemic poses ‘significant downside risks’ to South African banks, according to Fitch Ratings, as asset quality and earnings face downward pressure.

30 Apr 2020