AFMI Weekly Insight February 9th 2018
9 February 2018
- In Angola, Moody’s places Government’s B2 rating under review for downgrade.
- Nigeria hired Citi Group Inc., Stanbic Chartered Plc and Stanbic IBCT Holding Plc to help sell $ 2.5 billion of Eurobonds, possibly in the first quarter. Proceeds from the issuance will be used to refinance maturing local-currency bonds as part of a strategy to help reduce burden of paying double-digit yields in the domestic market. This issuance would complete a dollar-debt program that started with selling $ 3 billion of Eurobonds in November, some of which was used to refinance naira bonds, and the rest to fund the national budget.
- In Tanzania, Central Bank Monetary policy to set key rate under news framework and 5% inflation target.
- In South Africa, Foreign Investors sold a net 5.4 billion rand ($ 447.2 million) of South African bonds year to date.
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