Nige­ria is sell­ing USD 2.5bil­lion, Egypt sold EUR 4bil­lion and MTN Ghana is go­ing Pub­lic and SA stocks are bullish


Nige­ria is of­fer­ing $USD 2.5bil­lion Eurobonds

The Fed­eral gov­ern­ment has an­nounced the of­fer­ing of US$2.5 bil­lion ag­gre­gate prin­ci­pal amount of dual se­ries notes un­der its Global Medium Term Note Pro­gramme.

The Notes com­prise of a US$1.25 bil­lion 12-year se­ries and a US$1.25 bil­lion 20-year se­ries.

The 12-year se­ries will bear in­ter­est at a rate of 7.143%, while the 20-year se­ries will bear in­ter­est at a rate of 7.696%, and, in each case, will be re­payable with a bul­let re­pay­ment of the prin­ci­pal on ma­tu­rity.

Egypt sold EUR4­bil­lion in Eurobonds

Egypt's min­istry of fi­nance suc­cess­fully is­sued and priced a three-tranche USD 4 bil­lion Euro bond only few hours in to into its launch, the min­istry an­nounced in a state­ment. Ac­cord­ing to the min­istry's state­ment is­sued late on Tues­day 13 Fe­bru­ary, the three tranches are bro­ken down as fol­lows: USD1.25bil­lion in five-year notes with a yield of 5.5%, USD1.25 bil­lion in ten-year notes with a yield of 6.59% and USD 1.5 bil­lion in thirty- year notes with a yield of 7.91%.

The state­ment said that de­spite the tur­bu­lence in global mar­kets over the past two weeks, the sale of the Eurobonds was three-times over­sub­scribed only a few hours into its launch, open­ing with a to­tal or­der book worth of USD12­bil­lion from more than 550 in­vestors.

"The over­sub­scrip­tion of the bonds fol­low­ing their launch in few hours re­flected the con­fi­dence of the in­ter­na­tional com­mu­nity in Egypt's eco­nomic re­form poli­cies," Min­is­ter of Fi­nance Amr El- Garhy said in the state­ment.

MTN is go­ing pub­lic in Ghana

Telecom­mu­ni­ca­tions gi­ant MTN is ex­pected to do a pub­lic of­fer to is­sue 35% of its shares to the Ghana­ian pub­lic by the end of the first quar­ter of 2018.

MTN com­menced moves to list on the Ghana Stock Ex­change, GSE, in 2016, as part of con­di­tions un­der which it se­cured the 4G li­cense in late 2015. It was ex­pected to fi­nal­ize pro­cesses to float shares on the GSE by 2017. In an ex­clu­sive in­ter­view with Joy Busi­ness, Man­ag­ing Di­rec­tor of the Ghana Stock Ex­change, Kofi Yamoah in­di­cated that the com­pany has sub­mit­ted all the nec­es­sary doc­u­ments and await­ing ap­proval from the reg­u­la­tory bod­ies be­fore go­ing pub­lic.

South African Stocks very bullish af­ter Zuma quit

South African stocks in­dex rose as much as 5% on Thurs­day 15 Fe­bru­ary, put­ting the main in­dex on track for its big­gest one-day gain in more than three years.

The cur­rency re­mained on the front foot, soar­ing to its firmest since early 2015, in the wake of Zuma’s exit. An­a­lysts have, how­ever, warned the rally faces se­ri­ous ob­sta­cles ahead of a bud­get speech next Wed­nes­day 21 Fe­bru­ary.

Zuma quit late on Wed­nes­day, re­luc­tantly heed­ing or­ders by the rul­ing African Na­tional Congress (ANC) to bring an end to a nine-year ten­ure punc­tu­ated by scan­dals, stag­nant eco­nomic growth and pol­icy un­cer­tainty.

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