The Bourse Régionale des Valeurs Mobilières (BRVM) has become the first stock market for Islamic Finance in Africa with five sukuk listings issued by Côte d'Ivoire, Senegal and Togo, amounting to 766bn FCFA ($1.3bn).
Markets & Industry News
Valuations in South Africa still favor local bonds, despite political uncertainty and fears of downgrade, according to Old Mutual Multi-Managers (OMMM), a fully integrated, advice-led wealth management business.
African countries and small and medium-sized enterprises (SMEs) are suffering the most from a deepening global trade finance gap, according to a new survey by the International Chamber of Commerce (ICC).
Swala Oil & Gas, Tanzania has engaged Exotix Partners, a boutique investment bank for frontier markets, to place corporate bonds of up to a value of $120m in order to finance a material transaction.
Mauritius has been ranked the most competitive country in Africa, followed by South Africa, according to the World Economic Forum’s Global Competitiveness Index (GCI) 2016-17.
Futuregrowth Asset Management has confirmed that it will reopen lending to The Land and Agricultural Bank of South Africa (Land Bank) with immediate effect, following a review of its governance and investor protection mechanisms.
Atlantic Global Asset Management (AGAM), a major global asset management firm with well-established businesses in the Asia-Pacific and South Africa region, and its partner company Questra World, have announced African expansion.
Despite recent political uncertainty, there is currently a sharply improved short-term cyclical outlook for South Africa compared to earlier in the year, according to Johann Els, OMIG Senior Economist.
The anticipated increase in restructuring activities has opened up possibilities for investors looking for distressed debt opportunities in Africa, according to Lyndon Norley, Consultant in the Insolvency & Restructuring Practice, Bowmans.
African sukuk can provide diversification benefits for Islamic investors as well as additional financing opportunities, Samira Mensah, S&P Global Ratings Credit Analyst, has said.
Futuregrowth, Old Mutual’s Fixed Income asset management boutique, has announced a decision to suspend any additional loans to certain State-Owned Enterprises (SOEs) in South Africa until they obtain further clarity and comfort around the governance and oversight of these SOEs.
The Bourse Regionale des Valeurs Mobilieres (BRVM) is aiming to have a dedicated mining platform in place by 2018, according to General Manager Edoh Kossi Amenounve.
Liberty Holdings has announced its intention to list a portion of its premium property portfolio on the main board of the JSE as a Real Estate Investment Trust (REIT) towards the end of 2016.
The acquisition of Prescient’s financial services (PFH) operations by Stellar Capital, a JSE listed investment holding company with a reported net asset value of R1.42bn, is expected to complete by the end of this year.