AFMI Newsletter

Issue 19: May 2018

AFMI is pleased to present you with the latest edition of the newsletter.

In this issue, we introduce you to a Finance Expert. Prof Thorsten Beck.

Thorsten Beck is professor of Banking and Finance at Cass Business School in London. He is also a research fellow of the Centre for Economic Policy Research (CEPR) and the CESifo. He was professor of economics from 2008 to 2014 at Tilburg University and the founding chair of the European Banking Center from 2008 to 2013. Previously he worked in the research department of the World Bank and has also worked as consultant for – among others - the European Central Bank, the Bank of England, the BIS, the IMF, the European Commission, and the German Development Corporation.

His research, academic publications and operational work have focused on two major questions: What is the relationship between finance and economic development? What policies are needed to build a sound and effective financial system?

Recently, he has concentrated on access to financial services, including SME finance, as well as on the design of regulatory and bank resolution frameworks. In addition to numerous academic publications in leading economics and finance journals, he has co-authored several policy reports on access to finance, financial systems in Africa and cross-border banking.  His country experience, both in operational and research work, includes Bangladesh, Bolivia, Brazil, China, Colombia, Egypt, Mexico, Russia and several countries in Sub-Saharan Africa. In addition to presentation at numerous academic conferences, including several keynote addresses, he is invited regularly to policy panels across Europe. He holds a PhD from the University of Virginia and an MA from the University of Tübingen in Germany.

He is also Managing (Co) editor of Economic Policy in addition to being Tun Ismail Ali Chair at University of Malaya and Bank Negara Malaysia (Central Bank).

Happy reading!

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By Thorsten Beck, Professor of Banking and Finance, Cass Business School London, Research Fellow, CEPR; (Co-) Managing Editor 'Economic Policy', and Tun Ismail Ali Chair, University of Malaya and Bank Negara Malaysia.

Bond Market News Summaries

The Bank of Uganda moves from the current multiple prices system to single pricing of government securities at auction. The changes will come into effect from July 2nd 2018

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In Nigeria, the Debt Management Office (DMO) has indicated that the Federal Government has recorded NGN 50.45bn from its May bonds auction.

The FGN made NGN 3.5 bn from a 5Y bond at 12.75%, NGN 8.54 bn from a 7Y bond at 13.53% and NGN 38.50bn from a 10Y bond at 13.98%. The DMO indicated that 62 bids out of 101 were successful and the auction drew subscriptions of NGN 89.82bn.

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Kenya has planned to issue a green bond in the 2018/19 fiscal year.

The proceeds will help to finance projects in the renewable energy, green transport and wastewater treatment sectors. The government aims to raise USD 50 million. Last month, the Kenya Pooled Water Fund indicated it plan to have a KES 1.5 bn bond as a green bond.

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The World Bank on Wednesday (18th May) warned Nigeria that Eurobonds and other private sector market or sovereign debt instruments can worsen its debt-to-gross domestic product (GDP) ratio.

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The African Development Bank officially launched the Africa Investment Forum (AIF -

Africa’s premier investment market place, will be held on November 7-9, 2018 in Gauteng, South Africa.

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