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Middle East & Africa


Kenya NAIROBI: State-run Consolidated Bank of Kenya will issue a 4 billion shilling ($47.8 million) medium-term corporate bond, market regulator Capital Markets Authority (CMA) said on Friday. Although the east African nation's debt market has boomed in recent years as investors searched for higher yields, corporate issuance has lagged behind government bonds, with only seven outstanding corporate bonds issued on the Nairobi Securities Exchange. CMA said it had approved the issuance plan by Consolidated. "The approval will enable the lender to recapitalise and support growth of customer deposits and its loan book," the regulator said in a statement. CMA did not give any more details on the bond. Funding costs for banks have shot up since late last year after policymakers adopted a hawkish stance to fight inflation and prop up the currency. Consolidated is among a host of government-owned enterprises that are up for sale, part of a privatisation programme, ahead of eventual listing of its ...

Key South Africa bond yield hits record low, rand gains  JOHANNESBURG: Yields on South African government bonds dropped to multi-month lows on Tuesday, extending a three-week rally as investors returned to riskier emerging market assets and helped push the rand though a firm resistance level against the dollar. The three-year bond yield dropped to a record 6.05 percent while the yield on the 14-year issue hit an eight-month low of 8.02 percent. "The whole market has got a little bit excited. This has all been foreign-driven. We've ...
South Africa bonds weaken before auction, rand gives up gains  JOHANNESBURG: South African government bond yields rose on Monday ahead of a weekly auction on concerns about the additional supply, while the rand reversed earlier gains as global risk appetite stayed weak due to doubts over the outlook for the euro zone. The yield on the three-year benchmark closed a basis point higher at 6.11 percent and that for the 14-year issue added two basis points to 8.145 percent. "The market is getting nervous about the supply ...
Emirates airline repays $550m sukuk at maturity DUBAI: Emirates airline, Dubai's flagship carrier, repaid in full a $550 million Islamic bond, or sukuk, at maturity on Monday, the company said in a statement. "The repayment of our first ever sukuk bond is part of Emirates' varied financing strategy and reflects our robust financial position," Chairman Sheikh Ahmed bin Saeed Al-Maktoum said in the statement. "With the Eurozone debt crisis on-going it is likely that Islamic financing, with its large pool of liquidity, will play ...
Uganda offers three-year Treasury bond for auction  KAMPALA: Uganda's central bank on Thursday said it would offer a three-year Treasury bond worth 100 billion shillings ($40 million) for auction on June 20. The bank said in a statement the bond would have a coupon of 10.25 percent and would mature on June 18, 2015. Interest will be paid semi-annually. Uganda last sold a three-year Treasury bond on April 25. The average accepted yield at the auction was 15.46 percent, down from 21.09 percent at ...
LONDON: Kenyan Treasury bill yields are likely to fall to single digits for the first time since September at an auction next week, while healthy demand is expected at Zambia's first bond auction in two months on Thursday. KENYA Yields on Kenyan Treasury bills are set to fall into single digits at an auction next week, a level last seen in September, dragged down by high demand and lower inflation. Rates at the short end of the curve ...
DUBAI: Qatar is planning to issue its first international Islamic bond, or sukuk, IFR Markets, a unit of Thomson Reuters reported on Wednesday. Qatar has sent a request for proposals to banks and is close to mandating arrangers, IFR said, citing sources it did not identify. The sukuk is expected some time in the second quarter, before the summer break, the sources said. The world's biggest natural gas exporter last tapped global debt markets with a $5 ...


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln