Credit Suisse Group has agreed to pay nearly $475m to US and UK authorities, including nearly $100m to the Securities and Exchange Commission (SEC), for fraudulently misleading investors and violating the Foreign Corrupt Practices Act (FCPA) in a scheme involving two bond offerings and a syndicated loan that raised funds on behalf of state-owned entities in Mozambique.
Markets & Industry News
Sanlam and Absa have agreed to combine their investment management businesses in a transaction which will result in an asset management company with assets under management, administration and advice in excess of R1trn.
Emergence Plaza, the owner of Côte d’Ivoire’s most visited retail complex Cosmos Yopougon, has issued the 8-year notes at a yield of 7.5%.
Prudential has attained a Level 1 Broad-Based Black Economic Empowerment (B-BBEE) rating. This follows its latest Financial Sector Council scorecard audit that was finalised in July 2021, based on its FY2020 financial results.
Egypt’s local debt assets look well placed to continue attracting yield-seeking investors, against a backdrop of accommodative global liquidity conditions, according to Regis Chatellier, Director EM Strategy at Oxford Economics.
There were no cross-border Initial Public Offerings (IPOs) on African exchanges in the first half of 2021 (H1 2021) according to new Baker McKenzie analysis, H1 IPO Snapshot: Unfolding Trends for 2021.
Absa Group, one of Africa’s largest diversified financial services groups, has partnered with Invest African, a business and investment platform for African markets, to support the development of business and investment on the Continent.
The African Development Bank Group has launched a project to support development of domestic debt markets and financial systems in four West African Monetary Zone (WAMZ) countries: the Gambia, Sierra Leone, Guinea and Liberia.
The Republic of Congo has launched a public bond offering "EOCG 6.25% NET 2021-2026 ” which aims to raise 100bn CFA francs, at a net interest rate of 6.25% and a maturity of five years.
The Nigerian Stock Exchange (NSE) has received final approvals of its demutualisation plan from the Securities and Exchange Commission (SEC) and Corporate Affairs Commission (CAC) respectively.
Prudential Investment Managers has announced that it will be further strengthening its ties with its global global parent and founding shareholder, M&G Investments, taking advantage of new opportunities that have arisen from the de-merger of M&G from Prudential in October 2019.
Ecobank Nigeria, a wholly owned subsidiary of Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has successfully priced its $300m bond issuance maturing in February 2026, with settlement of the bond to take place on February 16, 2021.
In 2021, Sub–Saharan Africa’s (SSA) macro outlook will be shaped by three themes: FX policy; a sluggish services sector and a fiscal overhang, according to Renaissance Capital.
The African Development Bank has announced the addition of two new countries - Mauritius and Morocco - to its Bloomberg African Bond Indices (ABABI), marking a steady progress in the Bank’s efforts to deepen the continent’s local currency bond market.