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.