Sovereign Debt
Zambia has taken significant steps to improve its debt with a new $3.5 billion debt restructuring deal with its Eurobond holders. Why is this important: Zambia, Africa's largest copper producer, defaulted on its $18.6 billion external debt in 2020 and has since failed to reach an
Plus: Indorama secures $1.25 billion investment, Uganda's gold exports grows 10-fold, Actis acquires Swiftnet. Happy Monday! Hope you had a good weekend , We have more dealmaking activities , developments and trends from last week that have shaped Africa's financial landscape . Don't forget to share
The International Finance Corporation( IFC) an arm of the World Bank, has led a group of investors in providing a $1.25 billion financing package to Indorama Eleme Fertilizer and Chemicals Limited in Nigeria. Why is this Important: The Port-Harcout based Indorama Eleme Fertilizer and Chemicals is Sub-Saharan Africa'
Sovereign Wealth Fund (SWF)
Mozambique's council of ministers recently approved creating the country's new sovereign wealth fund legislation. Why is this important: Most African countries are creating sovereign wealth funds to manage the monetisation of their natural resources. In Mozambique's case, the gas-rich discoveries of up to 150tr
Economics
Uganda's gold export has grown 10-fold over the last twelve months to $2.3 billion in 2023. Why is this important: According to data from the Central Bank of Uganda and reported by Reuters, the country's gold export rose to $2.3 billion in 2023 compared
Bonds
Prime Energy, the Kigali-based hydropower company, has issued Rwanda's first Green Bond, valued at $7.3 million. Why is this important: Rwanda will join other African countries taking proactive steps to invest in the needed energy infrastructure and increasing grid connectivity to rural areas while they build their
Briefings
Plus, Somalia secures $1.2 billion debt cancellation, Dodai raises $4 million in Series A and Bamburi Cement sells Ugandan subsidiary for $84 million. Happy Monday! Welcome to another week of the most significant deals, developments, and trends shaping Africa's fast-changing financial landscape. If you're joining
Bonds
Ghana, the world's second-largest cocoa producer, has started talks with overseas creditors, including BlackRock, Greylock, Amundi, and Abrdn. To begin the talks, Ghana and its international creditors have signed a non-disclosure agreement (NDA) that will prevent the country's largest bondholders from trading the bonds in the
Corporate Debt
South Africa-based car subscription startup Planet42 has secured a $16 million loan from Standard Bank to replace its euro-dominated debt. The company recently raised $100mn to drive its global expansion. The recent funding was co-led by Naspers of South Africa and ARS Holdings, and other existing and new shareholders. US-based
Corporate Debt
South Africa's leading grocer, Pick n Pay, is in renegotiation talks with FirstRand over its loan commitment as it prepares for the IPO of its Boxer Brand. The South African retailer has been facing financial challenges, which have affected its customer engagement and supply chain. It needs an
Bonds
Ecobank Transnational Incorporated (ETI) has signed a $250 million senior bridge-to-bond loan facility led by The African Export-Import Bank (Afreximbank) and Africa Finance Corporation (AFC), which serve as the Global Coordinators and Initial Mandated Lead Arrangers. The initial twelve-month loan will support Ecobank Transnational Incorporated's trade finance and
Ratings
Moody's upgrades Ivory Coast to Ba2, two levels under investment grade. Deemed one of Africa's promising economies, Ivory Coast has embarked on an economic program over 2023-2026 to ensure macroeconomic stability and boost private investment to grow its economy. The country has also achieved a manageable