Author: Marketforces Africa

Afreximbank Prices Debut Samurai Bonds, Raises JPY81.3 billion African Export-Import Bank (Afreximbank) has successfully priced its debut Samurai bond, securing a regular 5 tranche JPY 67.2 billion consisting of 2-year, 3-year, 5-year, 7-year, and 10-year fixed rate tranches.  Concurrently, the Bank launched its inaugural Retail Samurai bond with a 3-year fixed-rated tranche valued at JPY 14.1 billion. The bonds are rated ‘A-‘ by Japan Credit Rating Agency, Ltd. SMBC Nikko Securities Inc. as the sole lead manager for the transaction. According to Afreximbank, debut bond transaction represents the first Samurai bond offering by an African-based Multilateral Development Bank (“MDB”) paving…

Fitch Downgrades Republic of Congo after Debt Exchange Deal Fitch Ratings has downgraded the Republic of Congo’s Long-Term Local-Currency Issuer Default Rating (IDR) to ‘Restricted Default’ (RD) from ‘CCC+’ following the execution of an exchange of local-currency bonds. In a rating note, Fitch expressed belief that the exchange constituted a default event as outlined in its Sovereign Rating Criteria published 24 October 2024. Fitch has subsequently taken additional actions, reflecting the completion of the debt exchange. The rating agency published a rating review following a material change in the creditworthiness of the issuer, which analysts believe makes it inappropriate to…

Dollar Rises Ahead of US Fed Jerome Powell Speech The US dollar rose against its major trading partners early Thursday ahead of the release of weekly jobless claims data and producer prices data for October. The markets prepare for an appearance by Federal Reserve Chairman Jerome Powell. Powell will be part of a discussion on the economic outlook but is likely to be asked about the independence of the Fed, a topic addressed at length in a speech earlier Thursday by Fed Governor Adriana Kugler, who said that the studies show a link between greater central bank independence and lower…

The money market rates heated up further due to deficit balance in the financial system. The short-term benchmark rates continue to surge in the week after successive primary auction sales caused huge outflow in recent past week.

Manufacturers Association of Nigeria (MAN) has solicited the support of both Nigerians and the government for Dangote Refinery to enable it to perform optimally. The support they canvassed will also serve as an impetus for other investors to invest in the downstream sector of the petroleum industry in the country.

The U.S. consumer price index (CPI) which measures inflation rate, increased to 2.6% in October, according to data released today.  The consumer price index increased by 0.2% month over month and 2.6% from the year-earlier period, as expected.

The Federal Government says it needs 10 billion dollars of public-private partnership investment in the power sector in the next five to 10 years to achieve a 24 hours power supply.

The US dollar traded on a mixed note against its major trading partners in the forex markets on Wednesday—up versus the yen and Canadian dollar.

Nigeria Customs Hit N5.1trn Revenue Target for 2024 –Official The Nigeria Customs Service (NCS) has hit its 2024 revenue target of N5.1 trillion on Tuesday, its Comptroller-General, Adewale Adeniyi, has said. Adeniyi made the disclosure on Wednesday in Abuja at the opening ceremony of the 2024 Comptroller General Conference (CGC), tagged ‘NCS: Engaging Traditional and New Partners with Purposes’. “I am pleased to announce that yesterday, 12 November 2024, at exactly ten minutes past one, the NCS hit its 2024 revenue target of NGN 5.07 trillion, with more than a month remaining in the fiscal year. “This exceptional performance projected…

Benchmark Yield on Nigerian Bonds Dips as Demand Rises The average yield on Nigerian government bonds slid marginally in the secondary market to close at 19.40% on Tuesday as local investors, asset managers increased positions. Investors have been adjusting to key market developments including slowdown in local bonds supply the Debt Management Office (DMO) and inflation uptick. Some analysts, rating agencies have projected that the monetary policy rate will increase further at the Central Bank meeting in the latter part of the year. Investment in government bonds is exposed to inflation condition, and the last uptick in Sept consumer price…