AFMI Weekly Insight February 8th 2019

8 February 2019


Bonds

Egypt will auction $1 billion in one-year dollar-denominated treasury bills on Monday, the central bank said. The auction will be settled on February 12th. Egypt sold $854 million in dollar-denominated bills at an average yield of 3.797 percent at a similar auction on January 6th. Egypt’s short-term dollar-denominated debt had fallen to about $14 billion as of the end of 2018, the deputy finance minister said. (Source: af.reuters.com)

Currency & Monetary Policy 

The Reserve Bank of Malawi (RBM) has reduced Policy Rate from 16 percent to 14.5 percent. The bank has also reduced Liquidity Reserve ratio to 5 percent from 7.5 percent. (Source: african-markets.com)

Uganda’s central bank retained its benchmark interest rate at 10% for a second time, saying risks to the inflation outlook over a 12-month period remain elevated. (Source: bloomberg.com/africa)

Borrowings

Angola intends to return to the international capital markets in the second quarter of 2019 to issue US$2 billion in Eurobonds, included in the Annual Debt Plan (PAE) for the current year, a Finance Ministry source has confirmed. The 2019 debt plan includes taking on external and internal public debt in the amount of US$12.371 billion. (Source: macauhub.com.mo)

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®

BADBC chart

African Domestic Bond Fund

Source:  Bloomberg®

ADBF chart
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