Citigroup Opens Zambia’s Bond Market to Overseas Investors and 2 Other Hot Stocks to Watch
Citigroup Inc. (NYSE:C): Current price $52.21
Citigroup announces that it is opening Zambia’s local bond market up to foreign investors, utilizing a global depositary note program that will address demand for higher-yielding securities from Africa’s number-one copper producer. The program, which is the second in Africa after Nigeria, offers investors an access to yields that more than double Zambia’s 5.375 percent Eurobonds due September 2022, with rates on the government’s kwacha-denominated 10-year debt hitting 17.25 percent at an auction back on August 30. The notes are backed by underlying domestic bonds and the principal debt and interest are payable in the local currency.
Bank of America Corp. (NYSE:BAC): Current price $15.73
An inquest received word on Friday that Moritz Erhardt, the 21-year-old Bank of America Merrill Lynch intern whose death made it necessary for the bank to review the working conditions of junior employees, died from natural causes. Erhardt was in the last days of a seven-week internship at the firm’s investment banking division when he was found dead in his London residence on August 15.
Vince Holding Corp. (NYSE:VNCE): Current price $28.34
Shares of Vince Corp., which is controlled by the private equity company Sun Capital Partners Inc., are up by about 40 percent Friday in their market debut over their starting price of $20. Formed in 2002, Vince sells pricey items at upscale department stores that include Macy’s Inc’s Bloomingdale’s chain, Neiman Marcus Group Inc., Barneys New York Inc, and Saks Fifth Avenue, along with its own boutiques.
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