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The East African : December 30th 2013
46 BONDS WEEKLY STATISTICS 20-Dec-2013 GOVERNMENT OF KENYA FIXED RATE TREASURY BONDS Issue No. Issue Date TWO YEAR BONDS FXD 1/2012/2Yr FXD 2/2012/2Yr FXD 3/2012/2Yr FXD 4/2012/2Yr FXD 1/2013/2Yr FXD 2/2013/2Yr FXD 3/2013/2Yr FIVE YEAR BONDS FXD 1/2009/5Yr FXD 1/2010/5Yr FXD 2/2010/5Yr FXD 1/2011/5Yr FXD 1/2012/5Yr FXD 1/2013/5Yr FXD 2/2013/5Yr FXD 3/2013/5Yr SEVEN YEAR BONDS FXD 1/2007/7Yr EIGHT YEAR BONDS FXD1/2006/8Yr FXD1/2007/8Yr NINE YEAR BONDS FXD 1/2006/9Yr Maturity Date Issued Value in millions Coupon (%) Traded yield (%) Previous Price (%) Total Value traded (kshs) The EastAfrican MARKETS DECEMBER 28, 2013 - JANUARY 3, 2014 ECONOMY AT RISK 30-Apr-12 28-Apr-14 27-Aug-12 25-Aug-14 29-Oct-12 24-Dec-12 25-Feb-13 6,418.05 16,312.35 27-Oct-14 13,786.50 22-Dec-14 20,777.16 25-Mar-13 23-Mar-15 26-Aug-13 24-Aug-15 21-Sep-09 15-Sep-14 24-May-10 18-May-15 30-Nov-10 31-Jan-11 23-Nov-15 28-Jan-13 22-May-17 29-Apr-13 1-Jul-13 25-Nov-13 30-Jul-07 27-Feb-06 26-Feb-07 24-Apr-06 23-Feb-15 20,468.11 19,967.33 17,927.92 13,239.10 3,060.25 14,929.20 25-Jan-16 22,083.10 17,687.98 23-Apr-18 20,165.56 25-Jun-18 12,888.00 19-Nov-18 14,946.55 21-Jul-14 17-Feb-14 16-Feb-15 13-Apr-15 TEN YEAR BONDS FXD 1/2006/10Yr 27-Mar-06 14-Mar-16 FXD 2/2006/10Yr 29-May-06 16-May-16 FXD 1/2007/10Yr FXD 1/2008/10Yr FXD 2/2008/10Yr FXD 3/2008/10Yr FXD 1/2009/10Yr FXD 1/2010/10Yr FXD 2/2010/10Yr FXD 1/2012/10Yr FXD 1/2013/10Yr FXD 1/2013/10Yr 29-Oct-07 29-Oct-07 28-Jul-08 16-Oct-17 16-Oct-17 16-Jul-18 29-Sep-08 28-Sep-18 27-Sep-09 26-Apr-10 1-Nov-10 15-Apr-19 25-Mar-13 26-Aug-13 26-Aug-13 ELEVEN YEAR BONDS FXD1/2006/11Yr 25-Sep-06 TWELVE YEAR BONDS FXD1/2006/12Yr FXD1/2007/12Yr 11-Sep-17 28-May-07 FIFTEEN YEAR BONDS FXD1/2007/15Yr FXD2/2007/15Yr FXD3/2007/15Yr FXD1/2008/15Yr FXD1/2009/15Yr FXD1/2010/15Yr FXD2/2010/15Yr FXD1/2012/15Yr FXD1/2013/15Yr FXD2/2013/15Yr TWENTY YEAR BOND FXD1/2008/20Yr FXD1/2011/20Yr FXD1/2012/20Yr FXD1/2012/20Yr 28-Aug-06 13-Aug-18 13-May-19 26-Mar-07 25-Jun-07 26-Nov-07 7-Mar-22 6-Jun-22 31-Mar-08 13-Mar-23 26-Oct-09 7-Oct-24 29-Mar-10 10-Mar-25 25-Apr-11 24-Sep-12 29-Jul-13 29-Apr-13 30-Jun-08 30-May-11 27-May-13 27-May-13 TWENTY FIVE YEAR BOND FXD1/2010/25Yr THIRTY YEAR BOND SDB 1/2011/30Yr 8,269.85 3,318.80 13,764.30 2,656.90 3,451.05 5,028.10 9,308.80 2,992.75 13,504.70 4,151.80 4,966.85 13-Apr-20 19,394.15 19-Oct-20 18,849.90 13-Jun-22 10,520.46 19-Jun-23 19-Jun-23 526.69 526.69 4,031.40 3,900.95 4,864.60 3,654.60 7,236.95 8-Dec-25 6-Sep-27 7-Feb-28 10-Apr-28 7-Nov-22 18,030.20 7,830.90 9,420.45 10,206.45 13,513.10 21,089.45 6,337.38 15,646.23 5-Jun-28 20,360.35 5-May-31 1-Nov-32 1-Nov-32 13.826 11.114 12.496 12.382 12.844 12.940 12.939 9.5000 6.9510 6.6710 7.6360 11.8550 12.8920 11.3050 11.9520 9.7500 13.2500 12.7500 13.5000 14.0000 14.0000 10.7500 10.7500 10.7500 10.7500 10.7500 8.7900 9.3070 12.7050 12.3710 12.3710 13.7500 14.0000 13.0000 14.5000 13.5000 12.5000 12.5000 12.5000 10.2500 9.0000 11.0000 11.2500 12.0000 9,365.80 4,389.35 4,389.35 28-Jun-10 28-May-35 20,192.50 28-Feb-11 21-Jan-41 22,136.45 13.7500 10.0000 12.3500 12.3500 11.2500 12.0000 107.4578 100.2844 101.4593 101.4309 101.8645 101.3757 102.8728 99.0854 92.6968 91.6247 92.9289 101.8244 103.5990 97.5912 100.5361 98.4657 102.7421 100.8097 100.8356 105.0239 104.9510 97.0953 96.2461 90.6357 96.8658 94.6174 85.8422 87.0802 99.9759 100.6591 102.0631 99.5137 108.5958 101.9314 112.9421 106.7821 97.3861 12.8000 12.7000 100.7864 94.8862 76.5819 78.4434 93.3025 90.5315 Trucks carrying oil to Rwanda. Rwanda fears that the growing cost of imports may cause depreciation of the currency and a rise in inflation. Pic: File Kigali’s import bill puts pressure on the franc The bill, now at $1,135.3m, could lead to a dep≥eciation in the cu≥≥ency By BERNA NAMATA The East African R wanda’s growing import bill is putting pressure on its currency, causing fears that it may raise the cost of goods and services in the coming months. The country’s import bill rose to $1,135.3 million in the first half of this year, compared with $1,046.8 million recorded during the same period last year. While inflation has been moderate for much of this year, remaining at singledigit levels, analysts say the franc is likely to weaken further in the coming months as demand for imports peaks. The Rwandan franc had 500,000,000 95.2657 200,000,000 13.0250 13.0000 103.5072 72.8613 89.9588 92.8312 82.5120 89.3567 275,000,000 450,000,000 depreciated by 5.7 per cent against the US dollar, the currency in which most of its foreign transactions are done as of December 17, on account of increased demand for imports. This is higher than the 4.5 per cent depreciation rate recorded the whole of the past year, which was largely attributed to a shortfall in donor funding. “We could expect a further deterioration in the balance of payments, and a larger import bill. This would be of some concern — it is already around 11 per cent of GDP,” said Andrew Mold, the senior economic affairs officer at sub-regional office for Eastern Africa of the UN Economic Commission for Africa based in Kigali. In the first half of this year, the franc had regained its stability, depreciating moderately by 1.8 per cent, trading between Rwf631.41 at the end of December 2012 and Rwf642.6 at the end of June 2013 However, it depreciated against the currencies of EAC member states by 1.7 per cent, 0.3 per cent — 4.3 per cent, and 0.1 per cent against the Kenyan, Tanzanian, Ugandan shillings and Burundian franc respectively. “The issue is to have sta- bility in terms of the rate of depreciation. The good news is that the depreciation has not been drastic, the market has been able to adjust. The risk is that if the depreciation continues, it will fuel inflation and increase the price of imported goods,” said Maurice Toroitich, the managing director of KCB Rwanda. Depreciation also poses risks to those borrowing in foreign currency though this has been mitigated by the fact that the rate of depreciation has been relatively stable and interest rates on the international market remain low. The overall inflation rate rose to a high of 5.10 per cent in September from 4.04 per cent the previous month due to increases in the cost of food, non-alcoholic beverages and education. In November, inflation fell to 4.6 per cent. “The major risk is the depreciation of the franc, which may arise from the likely rapid increase in demand for imports associated with the positive outlook in the economy supported by credit expansion,” National Bank of Rwanda Governor, John Rwangombwa said. The central bank monetary policy committee maintained the key repo rate at 7.0 per cent in a move expected to facilitate credit growth to the private sector. Outstanding credit to the private sector increased by 11.3 per cent between December 2012 and November 2013 as the government reduced its borrowing on the domestic market. Economic growth slowed to 5.9 per cent during the first half of the year due to a shortfall in donor budget support, according to the International Monetary Fund. Recently, the IMF cut the country’s growth forecast for 2013 to 6.6 per cent, down from 7.5 per cent. However, the economy is likely to grow beyond the earlier projected rate of 6.6 per cent in 2013 following a sharp turnaround in activity fuelled by a healthy recovery of lending to the private sector and resumption of aid flows in the fourth quarter of the year.
December 23rd 2013
January 6th 2014