Middle East & Africa Stay updated with Business News, Pakistan news, Current world news and latest world news with Business Recorder.. http://www.brecorder.com/markets/fixed-income/middle-east-a-africa.html Sat, 22 Nov 2014 08:37:22 +0000 SRA Framework 2.0 en-gb Egypt sells 734.3mn euros of 1-year T-bills: central bank http://www.brecorder.com/markets/fixed-income/middle-east-a-africa/205245-egypt-sells-7343mn-euros-of-1-year-t-bills-central-bank.html http://www.brecorder.com/markets/fixed-income/middle-east-a-africa/205245-egypt-sells-7343mn-euros-of-1-year-t-bills-central-bank.html imageCAIRO: Egypt's central bank said on Monday it had sold 734.3 million euros ($917.80 million) in euro-denominated one-year treasury bills at an average yield of 1.894 percent.

The government has turned mainly to the local money market to finance its public deficit since Egypt's popular uprising in early 2011 deterred most foreign investors.

Copyright Reuters, 2014

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imad_kueconomist@yahoo.com (Imaduddin) Middle East & Africa Mon, 17 Nov 2014 11:53:08 +0000
South Africa's bonds, rand end week firmer http://www.brecorder.com/markets/fixed-income/middle-east-a-africa/204853-south-africas-bonds-rand-end-week-firmer.html http://www.brecorder.com/markets/fixed-income/middle-east-a-africa/204853-south-africas-bonds-rand-end-week-firmer.html imageJOHANNESBURG: Yields on South African government bonds dropped to two-week lows on Friday, reflecting an upbeat mood in emerging markets as a falling oil price improves prospects for benign inflation.

The South African Reserve Bank is due decide on interest rates next week and dealers say the combination of moderating inflation domestically, a relatively stable rand and the lower price of Brent crude should see the central bank stay put on interest rates.

The yield on the benchmark 2026 bond fell 7.5 basis points to 7.85 percent, its lowest since Oct.31 when it hit the year's low. The currency gained nearly 0.6 percent to 11.1445/dollar as importers took advantage of the current levels.

"The local fixed income and currency markets strengthened over the past five trading days, broadly in line with favourable emerging market financial market movements and possibly on the back of better performances recorded across the US Treasury curve," Asher Lipson, a fixed income strategist at Standard Bank said.

Standard Bank said offshore investors were net buyers of 2.15 billion rand of government bonds in the past five days with buying across all maturities.

Foreigners had sold 600 million in local debt last week. Next week investors will also have inflation numbers to contend with. Prices are expected to have steadied in October, but if they surprise to the downside, it will add to views that the central bank will not raise interest rates until next year.

The week will open with a speech in Cape Town by Reserve Bank Deputy Governor Francois Groepe at 0645 GMT, where the market will look for any clues on the bank's expected revisions to growth and inflation estimates compared to its last rates decision in September.

Copyright Reuters, 2014

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Middle East & Africa Fri, 14 Nov 2014 15:50:53 +0000
Kenya 91-day T-bills yield falls to 8.670pc http://www.brecorder.com/markets/fixed-income/middle-east-a-africa/202544-kenya-91-day-t-bills-yield-falls-to-8670pc.html http://www.brecorder.com/markets/fixed-income/middle-east-a-africa/202544-kenya-91-day-t-bills-yield-falls-to-8670pc.html imageNAIROBI: The weighted average yield on Kenya's 91-day Treasury bills fell to 8.670 percent at auction on Thursday from 8.706 percent last week, the central bank said.

The bank received bids worth a total 458.5 million shillings ($5.13 million) for the 3 billion shillings worth of bills on offer, and accepted the entire amount.

Copyright Reuters, 2014

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Middle East & Africa Thu, 30 Oct 2014 15:04:46 +0000
Kenya 91-day Treasury bill yield falls to 8.706pc http://www.brecorder.com/markets/fixed-income/middle-east-a-africa/201346-kenya-91-day-treasury-bill-yield-falls-to-8706pc.html http://www.brecorder.com/markets/fixed-income/middle-east-a-africa/201346-kenya-91-day-treasury-bill-yield-falls-to-8706pc.html imageNAIROBI: The weighted average yield on Kenya's 91-day Treasury bills fell to 8.706 percent at auction on Thursday from 8.715 percent a week ago, the central bank said.

The bank said it received bids worth 639 million shillings ($7.16 million) for the 3 billion shillings worth of bills on offer, and accepted the entire amount.

The bank said it would auction a 91-, 182- and 364-day Treasury bills worth a total of 12 billion shillings next week.

Copyright Reuters, 2014

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Middle East & Africa Thu, 23 Oct 2014 14:56:32 +0000
Egyptian pound steady on official, weaker on black market http://www.brecorder.com/markets/fixed-income/middle-east-a-africa/199958-egyptian-pound-steady-on-official-weaker-on-black-market.html http://www.brecorder.com/markets/fixed-income/middle-east-a-africa/199958-egyptian-pound-steady-on-official-weaker-on-black-market.html imageCAIRO: Egypt's pound held steady at a central bank dollar sale on Wednesday, when the bank said it sold $37.6 million at a cut-off price of 7.1401 pounds per dollar.

The price was unchanged from Monday's sale.

In the unofficial market, the pound was trading at 7.40 to the dollar, weaker than Monday's rate of 7.38 to the dollar, one trader said.

The rate for dollar sales has stayed in a tight range since the beginning of June, after the bank allowed the pound to weaken in May. The central bank offered $40 million on Wednesday.

The rates at which banks are allowed to trade dollars are determined by the results of central bank sales, giving the bank effective control over official exchange rates.

Copyright Reuters, 2014

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imad_kueconomist@yahoo.com (Imaduddin) Middle East & Africa Wed, 15 Oct 2014 16:30:44 +0000
Yields on Kenya's 364- and 182-day treasury bills rise http://www.brecorder.com/markets/fixed-income/middle-east-a-africa/195825-yields-on-kenyas-364-and-182-day-treasury-bills-rise.html http://www.brecorder.com/markets/fixed-income/middle-east-a-africa/195825-yields-on-kenyas-364-and-182-day-treasury-bills-rise.html imageNAIROBI: The yield on Kenya's 364-day Treasury bills rose to 10.276 percent at auction from 10.163 percent, while that on six-months bills increased to 8.604 percent from 8.550 percent, the central bank said.

The central bank said in a newspaper advertisement published on Thursday that it received a total of 6.7 billion shillings($75.11 million) worth of bids for the two papers on offer at auction on Wednesday, and accepted the entire amount.

Copyright Reuters, 2014

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Middle East & Africa Thu, 18 Sep 2014 05:46:07 +0000
Goldman Sachs launches $500mn, 5-year sukuk; pricing at tight end http://www.brecorder.com/markets/fixed-income/middle-east-a-africa/195352-goldman-sachs-launches-$500mn-5-year-sukuk;-pricing-at-tight-end.html http://www.brecorder.com/markets/fixed-income/middle-east-a-africa/195352-goldman-sachs-launches-$500mn-5-year-sukuk;-pricing-at-tight-end.html imageDUBAI: Goldman Sachs has launched a $500 million, five-year debut Islamic bond offer that will price later on Tuesday, with pricing at the tight end of guidance.

The investment bank set the transaction to price at a spread of 90 basis points over midswaps, a document from lead arrangers showed, at the lower end of its revised guidance of between 90 and 95 bps. Initial guidance was in the area of 95 bps.

Investor orders grew to $1.5 billion for the issue, the document showed.

The sukuk is being issued through a vehicle called JANY Sukuk Co and will be guaranteed by Goldman Sachs. The issue is expected to be rated A-minus by Standard & Poor's and A by Fitch Ratings, identical to the ratings of the investment bank. It will be listed on the Luxembourg Stock Exchange.

Goldman had picked itself, Abu Dhabi Islamic Bank, Emirates NBD, National Bank of Abu Dhabi, QInvest and the investment banking arm of Saudi Arabia's National Commercial Bank to arrange the issue.

Copyright Reuters, 2014

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imad_kueconomist@yahoo.com (Imaduddin) Middle East & Africa Tue, 16 Sep 2014 12:01:15 +0000
Mauritius 364-day Treasury bills' yield rises to 2.14pc http://www.brecorder.com/markets/fixed-income/middle-east-a-africa/194609-mauritius-364-day-treasury-bills-yield-rises-to-214pc.html http://www.brecorder.com/markets/fixed-income/middle-east-a-africa/194609-mauritius-364-day-treasury-bills-yield-rises-to-214pc.html

imagePORT LOUIS: The weighted average yield on Mauritius' 364-day Treasury bills rose to 2.14 percent at auction from 1.75 percent at the previous sale on Sept. 5, the central bank said on Friday.

The Bank of Mauritius put on sale 1 billion Mauritius rupees ($31.92 million) worth of debt instruments but accepted bids for 1.050 billion rupees.

Bids totalled 1.970 billion rupees, at rates ranging from 3.70 percent to 2.0 percent.

Copyright Reuters, 2014

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m.iqbal1967@yahoo.com (Muhammad Iqbal) Middle East & Africa Fri, 12 Sep 2014 18:23:00 +0000
Egypt sells 623.4mn euros in 1-year treasury bills: central bank http://www.brecorder.com/markets/fixed-income/middle-east-a-africa/190343-egypt-sells-6234mn-euros-in-1-year-treasury-bills-central-bank.html http://www.brecorder.com/markets/fixed-income/middle-east-a-africa/190343-egypt-sells-6234mn-euros-in-1-year-treasury-bills-central-bank.html imageCAIRO: Egypt's central bank said on Monday it sold 623.4 million euros ($822.76 million) in one-year treasury bills, more than the amount it had offered to local banks and financial foreign financial institutions.

The average yield on the euro-denominated bills, which mature on August 25, 2015, is 1.981 percent.

The bank had offered to sell 550 million euros in one-year euro-denominated treasury bills for issue on August 26.

The government has turned mainly to the local money market to finance its public deficit since Egypt's popular uprising in early 2011 chased away most foreign investors.

Copyright Reuters, 2014

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imad_kueconomist@yahoo.com (Imaduddin) Middle East & Africa Mon, 25 Aug 2014 12:14:36 +0000
Egypt bond yields jump at first auction after rate hike http://www.brecorder.com/markets/fixed-income/middle-east-a-africa/185162-egypt-bond-yields-jump-at-first-auction-after-rate-hike.html http://www.brecorder.com/markets/fixed-income/middle-east-a-africa/185162-egypt-bond-yields-jump-at-first-auction-after-rate-hike.html imageCAIRO: Egyptian treasury bond yields jumped more than 1 percent at an auction on Monday following last week's surprise 100 basis point hike in interest rates, reaching their highest in more than 10 months.

The central bank delayed announcing the results of the bond auction until Tuesday, which traders said might reflect government concern about rising yields.

Egypt accepted bids worth only 786 million Egyptian pounds ($109.9 million), a fraction of the amount offered.

The average yield on 18-month bonds increased to 12.860 percent from 11.579 percent at the last auction on July 8, while the yield on three-year bonds jumped to 13.971 percent from 12.690 percent. The yield on the seven-year bond rose to 15.781 percent from 14.536 percent.

Yields have not been as high on the three-year and seven-year bonds since last July, shortly after elected Islamist President Mohamed Mursi was ousted by the army following mass protests.

The yield on the 18-month bond was the highest since it was first issued last September, according to one trader.

Egyptian treasury bill yields jumped more than 1 percent on Sunday, the first trading day after the central bank raised benchmark interest rates last Thursday.

The unexpected move seen as an attempt to hold down inflation less than two weeks after the government slashed subsidies on fuel and electricity.

Egypt accepted bids worth 170 million Egyptian pounds for the 18-month bonds after offering 1.5 billion pounds, the bank said. It accepted bids worth 223 million pounds for the three-year bonds, compared with 2 billion pounds offered, while for the seven-year bonds it accepted bids worth 393 million pounds after offering 750 million.

"(They) might as well have cancelled instead of accepting such small amounts," said one Cairo-based fixed-income trader.

Bond and treasury bill auctions have been cancelled or capped occasionally in the past, most recently in May, when the bank accepted only about half the amounts it had offered as yields rose.

Copyright Reuters, 2014

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imad_kueconomist@yahoo.com (Imaduddin) Middle East & Africa Tue, 22 Jul 2014 10:51:01 +0000