Other news

Kenya

Kenya’s 25-bond bond is 3 times oversubscribed

June 25, 2010

Kenya’s Government has successfully issued a 25-year bond, which sets a marker for the capital market, points the way for other African markets to follow, and is a major boost for investor confidence. It also helps the Government access cheaper and longer-dated debt, according to a report in The Nation newspaper (www.nation.co.ke). The bond, priced at an indicative coupon of 11.25% and redeemable in 2035, raised KSh7.5 billion (US$91.7 million) at good interest rates as the average rate was 10.46%.

Exchange news

Uganda moves towards immobilization

June 25, 2010

The Uganda Securities Exchange is aiming to finish immobilizing the shares listed for trading on 28 June, according to a statement issued by the bourse, as reported in local media. Companies whose shares are being moved into electronic form include Bank of Baroda, East African Breweries, Equity Bank, Jubilee Holdings, Kenya Airways, National Insurance Corporation and British American Tobacco.

Exchange news

More trading records fall as JSE passed 200k trades in a day

June 23, 2010

South Africa’s full service securities exchange, the JSE Ltd, on 17 May recorded 205,748 trades valued at more than R20 billion (US$2.6 billion). This coincided with the JSE’s equity futures “close out” when trades in derivatives called futures contracts had to be settled.
It is the first time in its 123-year history that more than 200,000 trades have been done in a day. On 7 May 2010 the previous record number of trades was 189,253.

Funds

Consensus Business Group launches $92 million “clean tech” fund for Southern Africa

June 17, 2010

South Africa’s first, specialised, private equity clean technology fund, Evolution One Fund, has reached its final closing after raising R700 million (US$92 million) from local and foreign investors, including development finance institutions, a family office and sovereign wealth funds. This capital is to be invested into equity in clean technology projects and enterprises including new energy and environment focused technologies in South Africa and across the Southern African Development Community

Kenya

Sharia-compliant finance grows in Kenya

June 16, 2010

Finance compatible with Islamic investment principles is taking further root in Kenya. There has been take up of sukuk portions of infrastructure bonds launched by the Government, the Central Bank of Kenya has announced that it is working on plans to launch sharia-compliant treasury bills in the money market and it is reported in local media that a sharia-compliant unit trust is applying for registration.

Kenya

Automated bond trading boosts liquidity on Nairobi Stock Exchange

June 15, 2010

Liquidity is up, while the number of days for settlement and cases of fraud are down in bond trading as fixed-income traders and investors flock to the Automated Trading System (ATS) of the Nairobi Stock Exchange. According to report in Kenya’s Business Daily, citing data provided by NSE, the value of bonds traded by the end of May was KSh 177.5 billion ($2.2 billion), up 60% on the KSh 110.6 billion traded in the same period in 2009.

Exchange news

SA listed companies have to integrate sustainability reports

June 9, 2010

South Africa’s JSE stock exchange is requiring listed companies to integrate their sustainability reports with their annual reports, with effect from this month. According to a report in Business Day newspaper Mervyn King, chairman of the King committee and a leading expert on governance, said: “SA is among the first countries in the world to require integrated reporting of listed companies.”

Other news

Africa’s mid-term prospects – growth and climate change

June 5, 2010

“Africa’s economies experienced a marked acceleration in growth during the past ten years. The magnitude of the continent’s development story is startling in its specifics and the opportunity it presents”. This is the start of a detailed package on the website of McKinsey Quarterly (www.mckinseyquarterly.com).

Capital raising

Investors back $ billions of African bonds

May 31, 2010

Interest in African sovereign debt has been climbing again in recent months. Angola plans to issue a $1 billion – $2 billion benchmark bond., Kenya, Nigeria and Mauritius and many other countries have flourishing debt markets and international interest is good in high-yielding hard-currency bonds such as those issued by the Republic of Congo and Cote d’Ivoire.

Other Countries

Rwanda Investment Group postpones $40 mln bond for cement

May 13, 2010

Rwanda Investment Group S.A. has temporarily suspended plans to issue a bond with a value of RWF 23.1 billion (US$40 million) to RWF 28.9 bln ($50 mln), in order to to finance a new cement factory. The group says costs may be high, due to low liquidity and high interest rates.

Capital raising

Africa needs $93 billion a year for infrastructure

May 3, 2010

Infrastructure is key to Africa’s growth, but financing is coming in far too slowly. Katherine Sierra, the World Bank’s vice president for sustainable development, told the fourth annual U.S.-Africa Infrastructure Conference on 28 April that studies show that $93 billion of investment is needed each year in Africa’s infrastructure, but only $45 billion is arriving.

Other Countries

Angola cuts back on May $4 bln bond

April 15, 2010

Angola has cut back its plans to raise as much as $4 billion in a sale of bonds without credit ratings, according to a report on Bloomberg. It cites Finance Minister Carlos Lopes speaking to reporters in Luanda and says it aims instead to issue $1 billion to $2 billion in May, after finalizing the amount by the end of April.

Other news

Q Resources digs into African mining

April 15, 2010

Q Resources Plc hopes to raise US$50 million-$100 mln through share sales in order to fund mining acquisitions in Africa, according to reports

Exchange news

“Regulation stops SA from being centre for Africa’s mining finance”

April 9, 2010

South Africa could be the centre of mining finance for Africa, according to Mick Davis, CEO of international mining company Xstrata, as reported in the local Business Day newspaper. However, he is reported to have told a business school audience that restrictions by the JSE Ltd stock exchange and remaining exchange controls made this almost impossible to achieve.

Exchange news

Kenya aims for 25-year Treasury bond

April 5, 2010

Kenya’s Government says it will float the first 25-year bond since the 1960s, as part an initiative to help financial institutions offer long-term debt products such as mortgages and project finance

Capital raising

Rwanda makes $130 mln from privatisations

April 4, 2010

The sale of 56 enterprises has made at least Rwf 75 billion (US$131 million) for the Government of Rwanda, according to a report in the New Times newspaper. Minister for Finance and Economic Planning, John Rwangombwa, told members of the Senate in mid-March that initially the plan was to sell 94 of its companies.

Ethiopia

Bond market coming to Ethiopia, and experts review T-Bills

March 25, 2010

Ethiopia may soon have corporate bonds, paving the way to a bond market, according to a press conference last week by Prime Minister Meles Zenawi. According to a report in the respected Fortune weekly newspaper, the Prime Minister told media on 18 March that state-owned enterprises would start issuing bonds

Exchange news

Mauritius introduces new instruments and lists funds as traders get active

March 16, 2010

Sunil Benimadhu, Chief Executive Officer of the Stock Exchange of Mauritius: The Mauritius market lost 50% in, as investors worried about the fallout of the …

Exchange news

Kenya’s bond trading developing fast

March 16, 2010

Andre DeSimone, Kestrel Capital stockbroker, Nairobi The Nairobi capital market has seen a lot of volatility and many local institutions pulled out. At one point, …

Kenya

Kenya’s mobile money system is “world’s most successful”

March 16, 2010

Kenya’s biggest mobile telecommunications company says it will continue to lead the market through its revolutionary mobile payment system M-PESA – already the world’s most successful with 9 million users – and through moving fast into data. Safaricom (www.safaricom.co.ke) has 78% market share (83% by revenue) and 15.2 million customers, according to Les Baillie, Chief Investor Relations Officer, and it will be hard for its competitors to catch up.

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