Bonds | - Part 6

NSE records low bonds trade in March

The bond was hugely oversubscribed as it is tax-free with a provision for a partial principal redemption (repayment) during its life. “People held back on trading in the secondary market because they were sparing liquidity to participate in the infrastructure bond,” said Alexander Muiruri, head of sales and research at Nairobi-based brokerage house Kestrel Capital. Despite the high liquidity shown by the market in the subscription of the 12-year bond, the yield actually went up…

Treasury raises Sh24bn from 12-year reopened bond

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The 12-year Sh25 billion infrastructure bond tap sale (reopening) has raised Sh24 billion, meaning the Treasury has achieved its target of netting Sh50 billion from the issue. All the subscriptions to the bond were accepted and allotted at the same fixed yield rate of 11.55 per cent like in the first sale of the bond. The initial sale of the infrastructure bond done in the last week of March was oversubscribed 106 per cent, attracting…

UBA Lists N30.5bn Bond Issue on NSE, FMDQ

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The United Bank for Africa (UBA) Plc’s N30.5 billion bond has been listed on the Nigerian STOCK EXCHANGE (NSE) and the Financial Market Dealers Quotation, over-the-counter (FMDQ-OTC) market. The dual listing was done in Lagos on Wednesday. Listing on the NSE provides opportunity for retail investors to take advantage of the fixed return on the investment grade notes, through the primary market while listing on the FMDQ provides a secondary market platform for institutional and foreign investors to trade the…

Cameroon to issue up to 55 bln CFA francs in bonds in Q2

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YAOUNDE (Reuters) – Cameroon will issue up to 55 billion CFA francs ($92 million) in treasury bonds in the second quarter of 2015, state radio quoted on Monday the finance ministry as saying.The central African state said earlier this year it planned to issue nearly three times as much debt this year as in 2014 amid a shortfall in oil revenues due to slumping global crude prices.The ministry said treasury bonds would be issued on…

Mangudya hails bond coins

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At least $4 million in bond coins have been distributed in the economy, accounting for a penetration rate of 75%, the Reserve Bank of Zimbabwe (RBZ) has said. Zimbabwe unveiled bond coins in December last year to buttress the multicurrency regime through the provision of change and to necessitate correct pricing for goods and services which hitherto was constrained by the absence of an appropriate system of coins. RBZ governor John Mangudya told Standardbusiness that…

Corporate debt maturing in 2015-19 totals $8.9 trillion

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Standard & Poor’s projected that $8,879bn in corporate debt worldwide would mature between 2015 and 2019, with $1,610bn due in 2015, $1,753bn in 2016, $1,894bn in 2017, $1,714bn in 2018 and $1,908bn in 2019. The U.S. has $3,700bn in maturing debt during the covered period or 41.7% of the global maturing debt; followed by Europe with $3,631bn (40.9%), other developed countries with $969bn (10.9%) and emerging markets with $578bn (6.5%). In addition, non-financial corporate debt…

S&P may reduce Nigeria Credit Ratings

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S&P may cuts Nigeria Credit RatingsStandard & Poor’s Ratings Services put Nigeria’s credit ratings on watch for potential downgrade following the fall in oil prices and continued political instability according to S&P’s analysts led by Ravi Bhatia wrote in the statement: “Political risks also remain significant”. Nigeria is the latest country that S&P has docked for reasons related to oil. Its BB-rating is three notches below investment-grade territory. In light of the months long oil slump,…

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