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The East African : April 28th 2014
50 BONDS WEEKLY STATISTICS 25-APRIL-2014 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 FXD 4/2013/2Yr FXD 1/2014/2Yr 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 TWELVE YEAR BONDS FXD1/2006/12Yr FXD1/2007/12Yr 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 Maturity Date Issued Value in millions Coupon (%) Traded yield (%) Previous Price (%) Total Value traded (kshs) The EastAfrican MARKETS APRIL 26 - MAY 2, 2014 DOMESTIC AND INTERNATIONAL BOND MARKET 30-Apr-12 27-Aug-12 29-Oct-12 24-Dec-12 25-Feb-13 25-Mar-13 26-Aug-13 24-Dec-13 24-Mar-14 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 28-Apr-14 25-Aug-14 27-Oct-14 22-Dec-14 23-Feb-15 23-Mar-15 24-Aug-15 21-Dec-15 6,418.05 16,312.35 13,786.50 20,777.16 20,468.11 19,967.33 17,927.92 25,252.12 21-Mar-16 20,000.00 15-Sep-14 18-May-15 23-Nov-15 25-Jan-16 22-May-17 23-Apr-18 25-Jun-18 19-Nov-18 21-Jul-14 16-Feb-15 13-Apr-15 14-Mar-16 29-May-06 16-May-16 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 16-Oct-17 16-Oct-17 16-Jul-18 28-Sep-18 15-Apr-19 13-Apr-20 19-Oct-20 13-Jun-22 19-Jun-23 15-Jan-24 11-Sep-17 13-Aug-18 13-May-19 7-Mar-22 6-Jun-22 7-Nov-22 31-Mar-08 13-Mar-23 26-Oct-09 29-Mar-10 25-Apr-11 24-Sep-12 24-Feb-14 29-Apr-13 7-Oct-24 10-Mar-25 8-Dec-25 6-Sep-27 7-Feb-28 10-Apr-28 30-Jun-08 5-Jun-28 13,239.10 3,060.25 14,929.20 22,083.10 13.826 11.114 12.496 12.382 12.844 12.940 12.939 11.553 10.803 9.5000 6.9510 6.6710 7.6360 17,687.98 11.8550 20,165.56 12.8920 12,888.00 11.3050 14,946.55 11.9520 8,269.85 9.7500 13,764.30 12.7500 2,656.90 13.5000 3,451.05 14.0000 5,028.10 14.0000 9,308.80 10.7500 2,992.75 10.7500 13,504.70 10.7500 4,151.80 10.7500 4,966.85 10.7500 19,394.15 18,849.90 8.7900 9.3070 10,520.46 12.7050 526.69 15,030.28 12.3710 12.1800 4,031.40 13.7500 3,900.95 14.0000 4,864.60 13.0000 3,654.60 14.5000 7,236.95 13.5000 18,030.20 12.5000 7,830.90 12.5000 9,420.45 12.5000 10,206.45 10.2500 13,513.10 9.0000 21,089.45 11.0000 29,778.42 11.2500 15,646.23 12.0000 20,360.35 13.7500 10.4000 10.2000 100.1872 100.5716 101.2567 101.2929 101.8645 99.0654 102.6958 20,000,000 101.6894 1,500,000,000 100.6646 99.5361 96.2356 93.9557 94.0803 104.0219 107.0234 101.9721 104.4359 99.4454 100.6982 103.0000 103.6015 105.7138 100.4272 96.2835 98.1681 95.6244 98.6824 90.4283 77.5682 106.2565 104.8313 104.4815 104.9760 110.2282 99.9680 111.7068 110.4242 105.1418 101.6009 103.3641 88.8318 93.3938 92.4573 94.6396 99.9843 112.1091 President Paul Kagame (centre) at the launch of the Agaciro Fund in August 2012. One of its goals is to reduce the country’s reliance on donor funds. Picture: Cyril Ndegeya Rwanda plans to invest Agaciro funds in bonds Ma≥ket analysts say the move could be influenced by the fund’s low ≥isk appetite By ALEX NGARAMBE The EastAfrican R wanda will invest a sizeable part of the $30 mil- lion Agaciro Development Fund in the bond market, a decision seen to be driven by the need for investment stability. Sources told The EastAfri- can that the country would deploy a bigger fraction of the fund to buy domestic and international bonds in a move that market analysts say is influenced by the fund’s low risk appetite. The Agaciro Fund is a soli- darity fund initiated by the Rwandan government based on voluntary donations from citizens in a bid to scale down donor dependence. So far, the fund has col- lected $30 million in cash while unfulfilled pledges total $10 million. The government aims to grow the fund to $500 million in ten years. A small percentage of the funds, which is unspecified, will be designated for social infrastructure investments. The government is mainly interested in investing in bonds issued by international financial institutions in local and international capital markets, deepening the country’s debt market. The government is particu- larly keen on investing in a planned $22 million five-year bond to be issued by the International Finance Corporation (IFC), the World Bank’s investment arm, which is expected to be listed at the Kigali bourse by the end of May. The IFC has already ap- pointed Standard Bank/CfC Stanbic Bank Ltd and Bank of Kigali as the sponsors and advisers for the bond placement. The Rwanda Stock Ex- change (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). The IFC plans deploy the cash raised from the bond to grow its investments in the country, currently estimated at $40 million. The government is said to favour lending to financial institutions like the World Bank as this carries less risk, thus increasing the chances of sus- So far, the fund has collected $30 million in cash while unfulfilled pledges total $10 million tainable returns. Eric Rwigamba, director- general of financial sector development at the Ministry of Finance and Economic Planning, said that “investment in bonds is one of the options that we are considering, but it is still early to speculate on where the funds will be directed.” The Agaciro Fund still lacks a board of directors after some names that were sent to parliament for approval were rejected. Mr Rwigamba said that once a fund manager is appointed, he or she will advise on how to invest the funds. Celeste Rwabukumba, chief executive officer of RSE, said that the fund was not designed to give directly back to the contributors but be channelled to broader economic development. “If it is true that the gov- ernment is investing these funds in bonds, it will contribute to national development through reinvestment of returns in others sectors of the economy,” said Mr Rwabukumba. The Rwandan bond market is the youngest and smallest in the region but remains the fastest growing as the government tries to wean the country off international aid. Development partners con- tribute about 40 per cent of the country’s budget, exposing the country to funding challenges in case donors withhold or delay releasing cash.
April 21st 2014
May 5th 2014