AFMI Newsletter

Issue 22: June 2019

For our third Newsletter of 2019, we have a guest article from Alice Tomdio. Alice is a Director in PwC’s Capital Markets Services group based in Lagos, Nigeria. She has over 10 years of client service advisory experience across global capital markets while working with PwC in New York, London, and now Lagos. While at PwC, she has been involved in several landmark initial public offerings (IPOs), bond issuances, and M&A transactions such as the IPOs of Zoetis and Coty, the carve out and eventual IPO of CAC, a Caesars Entertainment business, and the sale of ICAP’s voice broking business to Tullet Prebon. Since moving to Lagos, Alice has been involved in a variety of local and international equity and debt capital markets transactions such as the $800 million IHS eurobond. In an effort to continue to drive the development of the capital markets across various jurisdictions in Africa, she provides advice and technical assistance to regulators, governments, exchanges, development financial institutions, and multi-lateral financial organizations on all facets of establishing and developing robust capital markets. Alice is one of the primary authors of PwC’s annual Africa Capital Markets Watch series and leads PwC’s efforts in its partnership with London Stock Exchange Group on the Companies to Inspire Africa programme. 

Happy reading!

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Africa’s capital markets on steady development to finance growth

Africa’s capital markets on steady development to finance growth


A report by the World Bank notes that six of the fastest growing economies in 2018 are in Africa; Ghana (8.3%), Ethiopia (8.2%), Cote d’Ivoire (7.2%), Djibouti (7%), Senegal (6.9%) and Tanzania (6.8%). The question remains, are the capital markets playing an active and primary role in financing this growth?

Bond Market News Summaries

ECOWAS: The EBID launches a XOF25 bln bond operation to fund 7 projects in the WAEMU

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The Bond Market Is Giving Ominous Warnings About the Global Economy

An inverted yield curve has typically not been a good sign.

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Afrique subsaharienne : La croissance devrait atteindre 3% en 2020, selon la Banque mondiale

La croissance de l’Afrique subsaharienne devrait s’accélérer et passer le cap de 3% dès 2020, selon l’édition juin 2019 des Perspectives économiques mondiales de la Banque mondiale publié le mardi 4 juin.

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Standard & Poor’s publishes Togo's first ever Foreign And Local Currency Ratings

On May 31, 2019, Standard & Poor’s published its first-ever short and long term credit rating for Togo’s debts denominated in local and foreign currencies. According to the rating agency, Togo stands at B with stable outlooks for those debts. “We expect economic activity will benefit from the recent upgrading of key infrastructures, such as the completion of extensive works at the port of...

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AfDB provides €100m partial guarantee for commercial agriculture in Africa

The Board of Directors of the African Development Bank, meeting in Abidjan on 29 May 2019, approved a €100 million partial credit guarantee...The Board of Directors of the African Development Bank, meeting in Abidjan on 29 May 2019, approved a €100...

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Shelter Afrique to build more than 2,000 housing units in Rwanda

Shelter Afrique, the Pan African Organisation exclusively dealing with affordable housing in Africa and Development Bank of Rwanda have today kicked-off the development of 2,000 affordable housing units in Nyamirambo Sector, Nyarugenge District at an estimated cost of cost USD131 million.

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