African Bond Market Review

Newsletter Issue 17: December 2017

AFMI is pleased to present you with this newsletter’s edition. In this issue, we introduce you to Mrs Kadi Fadika-Coulibaly, MBA, Managing Partner of Hudson & Cie.

Mrs Fadika provides us with an insight into the West African financial markets Region – how it is structured, as well as the recent listing of NSIA Bank CI on the Bourse Regionale des Valeurs Mobilieres (BRVM).

Happy reading and compliments of the season!

“AFMI - Your gateway to Africa’s bond markets.”

Featured Interview

West African financial markets insight

West African financial markets insight

11/12/2017

The West African Financial Markets Region has existed for 19 years, and is comprised of eight (08) countries of the WAEMU zone. It is itself regulated by the Regional Council of Public Savings and Financial Markets (CREPMF).

Country Profiles

Cote D'Ivoire

Population: 26.578 Million
Currency: XOF
GDP: USD 36.16 BN
Growth forecast: 7.7%
SECURITIES:

Treasury Bills: The available maturities are 7 days, 1 month, 3 months, 7 months, 1 year and 2 years. No state can hold treasury bills and government bonds more than once a week.
Treasury Bonds: The maturities available are more than 2 years but do not exceed 7 years. A provisional issue schedule specifying the instruments, their amounts and maturities is established annually by the Minister of Finance in consultation with the Central Bank.
Secondary Market: Short-term treasury bills are traded over the counter. The secondary market is not liquid because of the commonly used strategy of buying to keep. Long-term Treasury bonds are traded on the West African Regional Stock Exchange (BRVM), but they can also be traded over-the-counter.


Senegal

Population: 14.354 Million
Currency: XOF GDP: USD 14.77 BN
Growth Forecast: 7%
SECURITIES:

Treasury Bills: Investor Maturity: 7 days, 1 month, 3 months, 7 months, 1 year and 2 years. Treasury Bonds: The maturities offered to investors are greater than 2 years but do not exceed 7 years.
Secondary Market: Treasury bills are traded over the counter. The secondary market is not liquid because of the long-term securities purchase strategy. Government bonds are traded on the Regional Stock Exchange (BRVM), but can also be traded over the counter.

Bond Market News Summaries

AfDB/AFMI just hosted its 6th annual Local Currency Bonds and Financial Sector Development Workshop in Dakar Senegal from the 22nd – 24th November 2017.

Follow the link for presentations, videos and pictures of the event.

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Fitch: Sub-Saharan Africa Banks - Recovery Distant when Sovereigns are Weak

Bank ratings in sub-Saharan Africa (SSA) continue to be under pressure from sovereign weakness, with 22% of rated banks' Long-Term Issuer Default Ratings (IDRs) on Negative Outlook compared with 23% this time last year, Fitch Ratings says.

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Compartiment PME de la BRVM : Le lancement prévu le 19 Décembre

Ce compartiment, qui constitue une avancée majeure pour le marché financier régional de l’Uemoa, vise à offrir aux Pme un accès aux capitaux à long terme en vue d’accélérer leur croissance

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After 10 Years and $575 Million, Airport Embodies Senegal's Bigger Ambitions

A decade after construction began, Senegal opened a new airport on Thursday, the centerpiece of an ambitious plan to try to catapult the nation to become a top economic player in West Africa.

Read more