AFMI Weekly Insight June 1st 2018

1 June 2018


Headlines 

  • The Africa Development Bank has issued its second “Feed Africa” bond for CAD 60 million to Japan Post Insurance Co. Ltd., the sole investor in the transaction. Citigroup is the lead arranger and lead manager for the transaction. The maturity of the note is 10Y. The Bank will use proceeds of the bonds to lend to projects that aim to the “Feed Africa” priority. 
    Source: modernghana.com
  • The Central Bank of Nigeria (CBN) has raised NGN 176 bn worth of Treasury bills. The CBN offered NGN 6 bn, NGN 30bn and NGN 140 bn of 3M, 6M and 1Y notes respectively. Total demand for the notes reached NGN 229.9 bn. The CBN finally auctioned the 3M bill at 11.95% from 12.55% last month and the 6M note at 13.65% from 13.92%. The 1Y note was sold at 13.7% vs. 14.3% in January. This yield compression comes on the back of an improvement in the system liquidity.
    Source: sunnewsonline.com
  • The Central Bank of Tunisia has announced it will issue a bond on the international debt markets, in the name an on behalf of the Tunisian State. Tunisia seeks to fund budget and balance of payments deficits. In January 2018, Tunisia ‘s parliament had approved a plan to go to the market with a USD 1bn bond.
    Source: thenational.ae
  • Moody’s has affirmed Rwanda's B2 long-term rating on the back of institutional strengths. The agency indicated that Rwanda’s debt burden has risen in recent years and is unlikely to decline in the next few years, but the country will still manage to maintain macroeconomic and financial stability through demonstrated institutional strength. 
    Source: allafrica.com
  • TANZANIA Mortgage Refinance Company (TMRC) sold a 5Y bond beginning to raise TZS 12 bn. The TMRC is the first tranche of TZS 120bn insurance programme approved by the regulator capital market and securities authority (CMSA). 
    Source: dailynews.co.tz

Currencies

Source: Bloomberg®

Currencies Chart

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®

Commodities chart
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