The Markets | - Part 247

IFC Launches $100 million Sukuk to Support Private Sector Development

Lagos, Nigeria, Capital Markets in Africa — IFC, a member of the World Bank Group, announced today that it issued a $100 million trust certificates through a special purpose vehicle, IFC Sukuk Company, in an effort to spur growth in developing economies. The five-year Sukuk will support IFC’s developmental financing activities in the Middle East and North Africa (MENA), and other parts of the world. It will initially be listed on NASDAQ Dubai. An…

JP Morgan to remove Nigeria from government bond index

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Markets – JP Morgan will remove Nigeria from its Government Bond Index (GBI-EM) by the end of October, the bank said on Tuesday, after warning the government of Africa’s biggest economy that currency controls were making transactions too complicated. The removal will force funds to sell Nigerian bonds, triggering potentially significant capital outflows and raising borrowing costs for the government. Struggling with a plunge in vital oil revenue, Nigeria had imposed…

African Sovereign Eurobond August 2015 Review: Yield widening due to falling commodity prices

Posted on by The Editorial Team

Lagos, Nigeria, Capital Markets in Africa — A remarkable feature in Fixed Income markets this year has been the widening in African sovereign Eurobond yields. This weakening is in part due to the expected rise in US bond yields and fallen commodity prices (as most African countries are commodities dependent) as well as the anticipated decline in global growth due to China economic downturn. Since January 2015 yields on Zambia’s 2022 and Zambia’s 2024 Eurobond have…

African Equity Market August 2015 Report: Most Exchanges sag for both local and foreign investors, Egypt bled most …

Posted on by The Editorial Team

Lagos, Nigeria (Capital Markets in Africa):- African stock markets performance measured by country equity benchmark index return ended in negative for the month of August, with all indices closed in red zone for both local currency and dollar return basis. Still on local basis return, the August average return of -2.9 percent was recorded across eighteen African equity indices and August monthly returns ranges from -11.5 percent recorded by the Egyptian Exchange equity markets (measured by EGX 30 index) to -0.2 percent registered…

Johannesburg Stock Exchange launches JSE Eris Interest Rate Swap Futures

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JOHANNESBURG, South Africa (Capital Markets in Africa) — The Johannesburg Stock Exchange (JSE), the continent’s largest exchange, today have officially launched JSE Eris Interest Rate Swap (IRS) Futures. The new JSE Eris Interest Rate Swap (IRS) Futures will be based on the Johannesburg Interbank Agreed Rate (JIBAR) and denominated in South African Rand (ZAR). The product will follow the standard South African swap market conventions while using the Eris MethodologyTM, allowing the contracts to replicate the…

Central Bank of Egypt sold US$37.8mn in FX and offered EGP 7bn in T-bills..

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Cairo, Egypt (Capital Markets in Africa) — The Central Bank of Egypt (CBE) reported that US$37.8 million was sold to banks out of the US$40 million on offered in a foreign currency auction held today. The Egyptian pound remained unchanged at cut-off price of 7.73 against the dollar. However, the CBE allowed the Egyptian pound to depreciate by EGP 0.20 from 7.53 against the greenback in July. In addition, the CBE announced on Sunday issuing treasury bills worth EGP…

Africa Equity’s Black Monday in Pictures: $28bn knocked off the market on Monday 24th Aug

Posted on by The Editorial Team

Lagos, Nigeria (Capital Markets in Africa) — On Monday 24th August, about $1.6 trillion was wiped off the global equity market capitalization, as panic on China’s trading floors sent shock waves through global markets. African equity markets were not spared in the attack and about $28 billion was shed off its equity market capitalization with slumps in key markets. For breakdown and details see the chart below ….

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