For Online E-newspaper
The East African : March 17th 2014
The EastAfrican 58 BONDS WEEKLY STATISTICS 14-MARCH-2014 GOVERNMENT OF KENYA FIXED RATE TREASURY BONDS Issue No. 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 FXD 4/2013/2Yr 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 FXD1/2007/8Yr NINE YEAR BONDS FXD 1/2006/9Yr TEN YEAR BONDS FXD 1/2006/10Yr FXD 2/2006/10Yr 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 1/2014/10Yr ELEVEN YEAR BONDS FXD1/2006/11Yr FXD1/2006/12Yr FXD1/2007/12Yr 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 Issue Date 30-Apr-12 27-Aug-12 29-Oct-12 24-Dec-12 25-Feb-13 25-Mar-13 26-Aug-13 24-Dec-13 21-Sep-09 24-May-10 30-Nov-10 31-Jan-11 28-Jan-13 29-Apr-13 1-Jul-13 25-Nov-13 30-Jul-07 26-Feb-07 24-Apr-06 27-Mar-06 29-May-06 29-Oct-07 29-Oct-07 28-Jul-08 29-Sep-08 27-Sep-09 26-Apr-10 1-Nov-10 25-Mar-13 26-Aug-13 27-Jan-14 25-Sep-06 28-Aug-06 28-May-07 26-Mar-07 25-Jun-07 26-Nov-07 31-Mar-08 26-Oct-09 29-Mar-10 25-Apr-11 24-Sep-12 24-Feb-14 29-Apr-13 30-Jun-08 30-May-11 27-May-13 TWENTY FIVE YEAR BOND FXD1/2010/25Yr THIRTY YEAR BOND SDB 1/2011/30Yr 28-Jun-10 28-Feb-11 Maturity Date Issued Value in millions 28-Apr-14 25-Aug-14 6,418.05 16,312.35 27-Oct-14 13,786.50 22-Dec-14 23-Feb-15 23-Mar-15 24-Aug-15 21-Dec-15 15-Sep-14 18-May-15 23-Nov-15 20,777.16 20,468.11 19,967.33 17,927.92 25,252.12 13,239.10 3,060.25 14,929.20 25-Jan-16 22,083.10 22-May-17 17,687.98 23-Apr-18 20,165.56 25-Jun-18 19-Nov-18 21-Jul-14 16-Feb-15 13-Apr-15 14-Mar-16 16-May-16 16-Oct-17 16-Oct-17 16-Jul-18 28-Sep-18 15-Apr-19 13-Apr-20 8,269.85 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 19,394.15 19-Oct-20 18,849.90 13-Jun-22 10,520.46 19-Jun-23 526.69 15-Jan-24 15,030.28 11-Sep-17 13-Aug-18 13-May-19 7-Mar-22 6-Jun-22 4,031.40 3,900.95 4,864.60 3,654.60 7,236.95 7-Nov-22 18,030.20 13-Mar-23 7-Oct-24 10-Mar-25 8-Dec-25 6-Sep-27 7-Feb-28 10-Apr-28 7,830.90 9,420.45 10,206.45 13,513.10 21,089.45 29,778.42 15,646.23 5-Jun-28 20,360.35 5-May-31 1-Nov-32 12,888.00 14,946.55 Coupon (%) Traded yield (%) 13.826 11.114 12.496 12.382 12.844 12.940 12.939 11.553 9.5000 6.9510 6.6710 7.6360 11.8550 12.8920 11.3050 11.9520 9.7500 12.7500 13.5000 14.0000 14.0000 10.7500 10.7500 10.7500 10.7500 10.7500 8.7900 9.3070 12.7050 11.5000 12.3710 12.1800 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 28-May-35 20,192.50 21-Jan-41 22,136.45 13.7500 10.0000 12.0000 11.2500 12.0000 12.2000 11.6500 Previous Price (%) 10.7000 100.8100 100.5716 101.2567 101.2929 101.8645 102.0512 102.8602 101.3131 99.4421 95.1358 93.2911 94.0803 101.6990 105.2340 100.9868 103.2046 99.4454 100.6982 101.5717 11.5000 103.6015 103.8476 96.3063 96.2835 98.1681 95.6244 95.6256 86.1932 87.7703 106.2846 104.2884 103.3274 12.2375 104.9760 106.8290 104.1910 111.7068 109.6339 105.3634 105.5178 103.8430 88.8318 73.7435 92.427 93.3783 98.6281 111.7813 79.5296 95.3357 84.3198 85.467 86,200,000 300,000,000 200,000,000 Total Value traded (kshs) MARKETS MARCH 15-21,2014 BOOST ACTIVITY ON RSE 1,000,000,000 The Rwanda Stock Exchange. The International Finance Corporation is expected to float a bond of $22 million in April or early May. Picture: File IFC to float $22m bond on Rwanda Stock Exchange P≥oceeds f≥om the issue will enable IFC to fund its Rwf-denominated investments ance at 22 per cent. The other sectors include accommodation and tourism, agriculture and forestry. Analysts say the bond 350,000,000 By BERNA NAMATA The EastAfrican T he International Finance Corporation (IFC) is plan- ning to issue a bond to fund investments in Rwanda. IFC, the World Bank’s in- vestment arm which is assigned an international rating of AAA by Standard and Poor, is expected to float Rwf15 billion ($22 million) in April or early May, with a maturity of five years. According to an investor brief, proceeds from issuance will “enable IFC to fund its Rwf-denominated investments in Rwanda.” Standard Bank/CFC Stan- 150,000,000 bic Bank Ltd and Bank of Kigali are arranging the deal. “Notes will be bearing ei- ther fixed or floating interest rates as specified in the applicable final terms,” the brief states. IFC’s total investment portfolio in Rwanda is estimated at $42 million as of June 30, 2013, and is spread across different sectors of the economy. The largest share of invest- ment is in construction and real estate at 31 per cent, followed by finance and insur- should attract solid interest given the institution’s good credit rating. The rate will be determined by the market; the lowest denomination investors will be allowed to buy will be Rwf 50 million ($74,000). “IFC finances certain projects. It is therefore normal that they issue a local bond that will be cheaper because of their AAA rating. Then that money can be used to lend different entities or finance projects,” a local investment banker told The EastAfrican on condition of anonymity. The bond will be available to domestic and international fixed income investors, opening up the international private bond listing on the Rwanda Stock Exchange (RSE). The RSE has only one eight- year corporate bond worth Rwf10 billion ($14.4 million), issued in 2010, by I&M Bank (previously Commercial Bank of Rwanda). Lawson Naibo, the chief operating officer of the Bank of Kigali, said the listing of IFC bond will boost activity on the RSE and encourage private listings. “With the IFC bond we are also going to diversify the investors that participate in this market, because most purchasers of bonds on RSE are local institutions. Now, there will be an opportunity for international investors to come in. It enhances the profile of the RSE,” Mr Naibo said. With the planned frequent issuance of Treasury Bonds, Mr Naibo said the bond will improve liquidity on the market. Rwanda’s bond market is small compared with Kenya, Uganda and Tanzania. The country’s bond mar- ket has been dominated by government paper, with the most recent being issued a few weeks ago — a bond worth Rwf12.5 billion ($18.3 million) with a maturity of three years. The government employed the book building method to determine the price of the bond. The offer, which was oversubscribed by 40 per cent, the highest oversubscription in the country’s nascent bond market, had a final price of 11.625 per cent with a coupon rate of 11.475 per cent. Celestin Rwabukumba, the chief executive officer of the RSE, said the IFC bond will boost investor confidence in the RSE and diversify products. “The more products we have on the market, the more it will encourage other private investors,” Mr Rwabukumba said. The next issuances of gov- ernment paper are scheduled for May, August and November this year.
March 10th 2014
March 24th 2014