AFMI Weekly Insight April 13th 2018

13 April 2018


Headlines

  • In Nigeria, the Debt Management Office has listed a NGN 100 bn (USD 278million), 7Y Sukuk, with a rental rate of 16.47% on the Nigeria Stock Exchange. The proceeds of this Sukuk will be used to finance 25 roads across the country. It will deepen the country’s financial markets and promote the savings culture.
    Source: africabusinesscommunities.com
  • According to the Central Bank of Kenya (CBK), authorities will sell 15Y and 20Y Treasury bonds for a total amount of KES 40 bn (USD 397 million) this month. The CBK will receive bids for the 2 bonds until April 24th. Those 2 bonds will be re-opened from previous issues.
    (Source: reuters.com)
  • Egypt has sold EUR 2bn in a dual-tranche EUR-denominated bonds. This is the first time the country issues notes in this currency. The bonds were issued with maturities of 8Y and 12Y at 4.75% and 5.625% respectively. The total amount of orders reached EUR 7.5bn. Earlier this year, in February, the country sold USD 4bn in USD-denominated bonds.
    (Source: reuters.com)
  • In Mauritius, there was an auction for a 5Y bond this week. The weighted average yield rose to 4.87% from 4.07% at a previous auction in December 2017. The Bank of Mauritius sold MUR 2 bn (USD 60million). Total bids amounted to MUR 4.35 bn. The bond is paying a coupon of 3.94%.
    (Source: CNBC)
  • In Ghana, the government is considering issuing GHS 11.3 bn in debt securities for the second quarter of the year. According to the issuance calendar, GHS 8.7 will be used to clear maturing debts while the remaining GHS2.6 will be used to support government financing needs. The document also indicates that 5Y, 7Y and 10Y bonds will be issued to raise GHS 500 million, GHS 750 million, and GHS 750 million respectively.
    (Source: atlfmonline.com)

    Currencies

    Source: Bloomberg®

    AfDB/AFMI℠ Bloomberg® African Bond Index (ABABI) 25% Capped

    The ABABI 25% Capped is a rule - based weighted composite index of local Sovereign Indices (South Africa, Egypt, Nigeria, Kenya, Namibia, Botswana, Ghana, and Zambia).

    County percentage composition to the index is capped at 25%.

    To be included in the index, a security must have at least 1 year remaining to maturity. Source: Bloomberg®

    Bloomberg Commodity Index

    Source:  Bloomberg®

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