Last Thursday's K450 million ($47m) Treasury Bill (T/bill) auction attracted K1.1 billion ($120m) in bids as yields fell for the second auction in a row:
Zambia Starts Sale of $131 Million Stake in State Mining Company
Zambia, Africa’s second-biggest copper producer, began the sale of a 17 percent stake in its mining investment company that’s expected to fetch about one-billion kwacha ($131 million). An offer of about 27 million shares prioritizing Zambian investors opened Friday and closes Oct. 2, said Jimmy Mwambazi, corporate finance manager at Stockbrokers Zambia Ltd., which is managing the sale. (Read more)
LUSAKA, July 24 (Reuters) - Zambia has issued a $1.25 billion eurobond meant for infrastructure development at a coupon rate of 8.97 percent, a government statement seen by Reuters on Friday said. (Read more)
According to the President’s special assistant for PR, the government was looking to raise between $1.5 and $2 billion. An update from the Financial Times indicated that the offering started off with tepid demand at the beginning of the day but picked up significantly toward the end of the trading day with the order book exceeding $2.5 billion. The issuance coincidentally happened on the same day Goldman Sachs revised down their global copper price projections - in a week when commodities from gold to oil were down big!
Atlas Mara in talks to buy Finance Bank Zambia
Atlas Mara Ltd., the company co-founded by Bob Diamond to invest in African financial businesses, is in talks to buy Finance Bank Zambia Plc, according to three people with knowledge of the matter. Negotiations began as early as March, two of the people said, asking not to be identified because they’re not authorized to comment on the talks. (Read more)
The central bank received bids worth K567 million and allocated K423 million at Treasury bill (T/bill) auction 12 of 2015, yesterday. K900 million worth of T/bills were up for sale.
Thursday’s Treasury bill (T/bill) auction attracted K464 million in bids with K386 million being allocated:
Zambia experiences country-wide power outage after system failure
A fault at Zambia’s Kariba North hydropower station Monday caused a blackout across most of Africa’s second largest copper producer and cut supplies to large parts of Zimbabwe.(Read more)
Thursday’s Treasury bill (T/bill) auction received K544 million in bids with K449 million being allocated:
One of the biggest consequences of the Government’s infrastructure investment drive since they came into power has been a significant rise in Treasury bill (T/bill) yields:
Trying to decipher this puzzle that is Zambia by using a variety of publicly available data (structured and unstructured) in conjunction with my own skill/experience. * * *