Corporate Debt
Ecobank Transnational Incorporated (ETI) repaid a 5-year, $500 million Eurobond loan that matured last week. Why does this matter: Ecobank is a multinational banking conglomerate that operates locally in 33 African countries. The company's first international debt market entry was a $200 million bond issue, listed on the
Egypt has secured $820 million as the second tranche of the International Monetary Fund's (IMF) loan program. The country has been taking decisive measures to grow its economy, consistently reduce its debt-to-GDP ratio, and increase revenue through deals with some Middle Eastern investors. Despite facing economic challenges similar
Economics
President William Ruto's economic reforms have yielded positive results for the largest economy in East Africa. Why is this important: President Ruto campaigned on a 'bottom-up' economic model that aimed to strengthen the Micro, Small, and Medium Enterprises (MSMEs) economy, create a strong digital superhighway and
Sovereign Debt
Ghana still needs to secure a restructuring deal for its $13 billion debt with its International bondholder. Why does this matter: Ghana is currently facing economic challenges and is working to resolve them. One of the significant issues is agreeing on a restructuring deal for its $13 billion debt with
Capital Market
Global and domestic investors in Ethiopia are expressing confidence in the country's new securities exchange in its new fundraising, which has already exceeded expectations. Why is this important: The exchange will provide investors and companies with the much-needed critical financial infrastructure and platform to trade securities, enabling them
Industries
Daybreak Farms, one of the largest chicken producers in South Africa, with a market share of over 7%, is planning to raise 250 million rand ($13.3 million) in debt. Why is this important: The company, owned by Africa's largest fund manager, Public Investment Corp, has had challenges
Capital Market
The ongoing economic reform implemented by President William Ruto's government has boosted Kenya's stock market and instilled confidence in international investors. Let's go deeper: Kenya's current debt profile is approximately $61.5 billion, 67% of its Gross Domestic Product (GDP). Due to
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Ethiopia has been granted an extension until the end of June by its international creditors, The Paris Club, to secure a bailout deal with the IMF as reported by Reuters. The big picture: This comes after the country missed a $33 million coupon payment on its $1 billion Eurobond due
Salaam Group the Djibouti-based banking institution, has launched Uganda's first Islamic banking-compliant financial institution. Why is this important? Most African countries have a vibrant Islamic banking sector compared to Uganda's, which has 14% of its population as Muslims. Creating a new Islamic bank in Uganda presents
Africa Finance Corporation(AFC), the private sector-led infrastructure investment solution provider and multilateral development financial institution, has secured a record $1.16 billion in its largest-ever syndicated loan. Why is this important: According to the African Development Bank, Africa has an infrastructure financing gap of $108 billion needed to achieve
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'
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
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
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
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
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
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