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Recent Topicals

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Sub-Saharan Africa (SSA) Eurobonds Performance 2022

Jul 10, 2022

Eurobonds are fixed income debt instruments denominated in a currency other than the currency in which the bonds are issued. Sub-Saharan Eurobonds, of which most are listed on the London and Irish stock exchanges, allow governments and corporations to raise funds by issuing bonds in a foreign currency. Majority of countries in the region issue Eurobonds to finance maturing debt obligations and heavy infrastructural projects. Africa’s appetite for foreign-denominated debt has slowed down in 2022, with the only issuers being Nigeria and Angola who raised USD 1.3 bn and USD 1.8 bn in March and April 2022, respectively. The reduced issuance of Eurobonds is on the back of increasing yields, as investors demand more compensation due to increasing inflationary pressures across most African countries. Key to note, the region’s continued economic recovery has been dented by surging fuel and food prices that have strained the external and fiscal balances of commodity impor...

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Kenya Macroeconomic Review

Jul 3, 2022

According to the Kenya National Bureau of Statistics (KNBS) Q1’2022 Quarterly GDP Report the Kenyan economy recorded a 6.8% expansion in Q1’2022, up from the 2.7% growth recorded in Q1’2021. The performance was bolstered by rebounds in most economic activities, which had contracted significantly in the Q1’2021 as a result of COVID-19 control measures. The Kenyan Economy is projected to grow at an average of 5.1% in 2022 according to various organizations as shown below: No. Organization 2022 Projections

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Sub-Saharan Africa Regional Review

Jul 3, 2022

According to the World Bank, the Sub-Saharan economy is projected to grow at 3.7% in 2022, which is significantly lower than the 4.2% growth estimates recorded in 2021. The expected slowdown in the region’s growth will be driven by continued supply constraints, outbreak of new COVID-19 variants and increased inflationary pressures. Concerns also remain high on the inflated import bill and widening trade deficit as oil prices continue to rise due to supply bottlenecks worsened by the geopolitical tensions arising from the Russia-Ukraine invasion given that most countries in the Sub-Saharan African are net importers. Debt sustainability in Sub-Saharan Africa continues to be a major concern and as per

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Global Markets Review

Jul 3, 2022

Introduction  According to the World Bank’s June 2022 Report, the global economy is projected to grow at a slower rate of 2.9% in 2022, 1.2% points lower than their initial growth outlook of 4.1%, largely driven by a projected 3.4% slow growth in emerging markets and developing economies, coupled with a 2.6% deceleration in advanced economies. The slow growth has been driven by rising energy prices, less favorable financial conditions, and supply chain disruptions, all of which have been exacerbated by the war in Ukraine. In emerging markets and developing economies, the economy is expected to grow at a slower rate of 3.4%. The slow growth is attributable to spil...

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Debt Restructuring

Jun 26, 2022

Over the last two years, the corporate sector has faced unprecedented challenges as a result of the COVID-19 pandemic, which resulted in lost income, reduced profits, and a deterioration in the business environment. As such, it is important for business owners to understand the key options available to ensure that their companies stay afloat and grow in the long run. Companies facing significant financial challenges have several options to consider. These include bringing in new capital in the form of debt or equity, as well as going the extra mile and requesting time to restructure their businesses. We have previously covered a topical on “Business Restructuring Options” in 2020 and concluded that business owners should fully understand the Insolvency Act as it helps in offering struggling businesses a second chance to reorganize themselves and come out stronger and viable businesses, as...

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