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Middle East & Africa


Egypt sells reopened bonds worth 3 billion EGP  CAIRO: Egypt's central bank sold 3 billion Egyptian pounds ($495.3 million) in five and ten-year bonds on Monday, the same amount it had initially sought, the central bank of Egypt said. The bank sold 2 billion pounds of the reopened five-year bonds and 1 billion pounds of the reopened ten-year bonds. The coupon for the five-year bonds was 16.55 percent and yields ranged from 16.52 percent to 16.61 percent. The ten-year coupon was 17 percent, with yields from 16.95 to 17.045 percent. Settlement for the bonds will take place on July 10. Government bonds are sold by the central bank on behalf of the Finance Ministry. Egypt's uprising hammered the economy by chasing away tourists and foreign investors. The state's interim government has gone through more than half of the country's foreign reserves and has been for months been negotiating a loan deal with the from the International Monetary Fund (IMF). The state's economy contracted ...

Yields dip as Egypt sells 3.5bn pounds of bonds  CAIRO: Egypt's central bank sold 3.5 billion Egyptian pounds ($577.65 million) in three and seven-year bonds on Monday, the same amount it had sought, the finance ministry said. The average yield on 2 billion pounds of three-year bonds was 16.18 percent with a range of 16.1 to 16.21 percent, less than the average 16.21 percent yield on three-year bonds sold on June 4. The average yield on 1.5 billion pounds of re-opened seven-year bonds was 16.91 percent, ...
Egypt to offer 3.5bn EGP in bonds  CAIRO: Egypt's Ministry of Finance will offer 3.5 billion Egyptian pounds ($578 million) in bonds at an auction on July 2, the central bank said on Monday. It will offer 1.5 billion pounds in reopened seven-year bonds maturing on April 3, 2019 with a coupon of 16.85 percent, and 2 billion pounds in three-year bonds maturing on July 3, 2015, the bank said. Settlement for the bonds, which the central bank is selling on behalf of the ...
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 ...
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 ...


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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 $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln