Sunday, 25 March 2012

standard chartered bank anticipates a high level of investor interest and participation in the $700million bond

standard chartered bank has anticipated a high level of investor interest and participation in the $700million bond which zambia will issue soon.  
standard chartered bank board of directors’ chairperson michael mundashi says zambia is likely to attract more foreign direct investment (FDI) in 2012 with its offer of offloading $700million from the initial $500million bond.
mr. mundashi says although there are questions whether the global environment, characterized by significant european refinancing needs coupled with asset disposal and deleveraging will be conducive to eurobond issuance by a b—rated sovereign, zambia’s economic performance will weigh favorably.
he says the $700 million bond will weigh favourably in attracting investors interested in gaining exposure to a well performing african asset.
the bank which saw its revenue increased by 6 percent to 479 billion kwacha and profit before tax decreasing by 1 percent to 226 billion kwacha, is confident that the country will benefit from this venture socially and in infrastructure development.
It has projected an average london metal exchange 3-month copper price of $8, 750per tonne in 2012 on tight global supply which is sufficient to encourage further investment in the mining sector.
The bank says the country`s gross domestic product will also be supported by continued gains in agriculture which is an offshoot of the diversification government programme.

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