RenCap Says Considering Fixed-Income Unit for Sub-Saharan Africa - Bloomberg:
"Renaissance Capital, the Russian investment bank controlled by billionaire Mikhail Prokhorov, is considering creating a fixed-income unit for sub-Saharan Africa as countries from Angola to Zambia tap bond markets.
“Fixed income is a real opportunity in sub-Saharan Africa,” Clifford Sacks, RenCap chief executive officer for the continent, said in a Nov. 6 interview in Johannesburg. “We’ll be looking at it in 2014 and the team could be based in London or Lagos.”
Sub-Saharan companies and nations, including Nigeria and Ghana, have sold bonds this year that were oversubscribed as investors seek to tap African growth rates surpassing those of developed markets. RenCap began operations in the region in 2006 and offers brokerage, equity research and merger and advisory services from Johannesburg, Nairobi and Lagos."
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