Kenya
Kenya’s KSh 41 billion debt “reduction” reflects currency valuation, not fiscal progress. As the shilling (USD/KES ≈ 129.2) firmed slightly, external debt looked smaller in local terms—but real liabilities remain unchanged, exposing an illusion of relief amid high yields.
Egypt
Egypt’s Tagaddod raised USD 26.3M from (AMS: FMO) and TAEF to scale used cooking oil exports amid 33% inflation and 18.2% yields (EGYP10Y). The deal marks Africa’s shift from climate aid to climate yield—turning waste into investable green alpha.
Asia-Pacific
HSBC (LON: HSBA, NYSE: HSBC) eyes full buyout of Hang Seng Bank (HKG: 0011) in a USD 37 bn move that could reshape Asia’s banking map. Hang Seng +9 %, HSBC +3.4 %, CET1 near 14.6 %, ^HSI +1.2 %. A strategic bet on Hong Kong’s stability amid global capital strain.
South Africa
The EU’s €11.5 billion pledge to South Africa marks a new phase in climate-finance diplomacy. If effectively deployed, it could compress bond yields by up to 60 bps, strengthen the rand (USD/ZAR ≈ 18.9), and turn energy transition risk into an investable frontier asset.
Ghana
Ghana’s central bank is urging lenders to list on the GSE, aiming to deepen markets and rebuild credibility. With Eurobond yields near 11% (GH2031), reserves at USD 6B, and inflation under 10%, the reform could redefine Ghana’s frontier equity landscape.
Africa
Africa’s bond markets are rallying as the dollar weakens, with Kenya’s 2032 yielding 9.3% and Egypt’s 9.8%. Global investors are returning to frontier debt, but credibility—not yield—will determine who secures capital in this short global liquidity window.
Sub-Saharan Africa
World Bank raises Sub-Saharan Africa’s 2025 growth forecast to 3.8% as inflation eases near 5%. Bond yields remain elevated—Kenya 17%, Ghana 25%, South Africa 10-year 10.4%—signaling resilience but fragile confidence under tight global liquidity.
Egypt
Egypt and France renew a €4B cooperation pact through 2030, expanding AFD-backed projects in transport and energy. Egypt’s Eurobond (EGYP2032 ≈ 9.9%) tightens 20 bps as markets view the deal as a sign of fiscal stability amid global rate pressure.
South Africa
Optasia’s R6.3 billion IPO on the JSE (J203) could redefine Africa’s fintech story. Backed by AI-based micro-lending and 121 million users, it tests whether profitability—not hype—can still attract global capital amid high yields and currency volatility.
Côte d’Ivoire
Barrick Gold (NYSE: GOLD) sold its Tongon Mine in Côte d’Ivoire to Atlantic Group for up to USD 305 million. The move trims risk exposure and refocuses capital on Tier 1 assets as gold trades near USD 3,930/oz (COMEX: GC=F), redefining how majors price jurisdictional risk.
Togo
Togo is reviewing its AfCFTA strategy to shift from treaty compliance to competitiveness. With GDP growth near 5%, debt at 55% of GDP, and TG2031 Eurobond yields at 8.6%, Lomé aims to turn its port and industrial base into a real regional trade engine.
Congo (Republic of)
Congo’s new cobalt export quotas threaten exclusion for violators as the government asserts control over 70% of global supply. Prices (LME: COB ≈ USD 33,500) rose 3.4% as traders weigh state capacity against market credibility.