Sub Sahara Africa

Sri Lanka seals US$5.9bn official creditor deal prompting IMF review hope; slight eurobond rise amid broader EM rally. Markets price US rate cuts, 10-year yields fall; EM bonds gain 0.8%, near ytd highs amid US rate decline support. Ecuador's eurobon...

AfDB revises growth outlook downwards amid persisting domestic and external headwinds. Ghana: Mahama defeats Bawumia in polls conducted in seven major Zongo constituencies. Kenya: Local firms barred from global index amid FX shortages.

Forex: Real rates remain elevated as Mozambique central bank keeps benchmark interest rate unchanged. Fixed Income: Nigeria aims to stabilize fiscus, reduce borrowing. Macroeconomic: OECD highlights temporary global growth slowdown amid high interes...

Nigeria PMI and trade balance in the spotlight this week. Sierra Leone coup attempt failed. USD-GHS touches the 12.0000 handle.

Pakistan's eurobonds gain 0.9% after LNG deal mitigating power outage risks; post-IMF review optimism. Lebanon's eurobonds -1.3% to all-time low; Israel-Hamas truce brings pause in border fighting but reforms remain distant. Panama's court ruling cha...

Nigeria: GCEO of NNPC reappointment, renews uncertainty around recent M&A activities. Ghana: Bank of Ghana to gradually phase out gold for oil policy. Kenya: Authorities freeze plans to issue Eurobond pending improvement in market conditions.

Forex: Botswanan pula enjoys strong start to the week on back of rand gains. Fixed Income: Africa set for zero Eurobond issuance in 2023. Macroeconomic: The Bank of Mauritius left interest rate unchanged for third meeting in 2023.

Macro: Kenya and Uganda November inflation figures in the spotlight this week. Talking points: Uganda to keep using Kenyan pipeline to import fuel. Financial markets: The Bank of Mauritius left interest rates unchanged at 4.5%.

Nigeria: Authorities increase budget benchmark oil price to USD77.6/bbl, exchange rate to NGN750/USD. Ivory Coast: Government targets USD1bn Eurobond issuance in 2024. Senegal: BP exits Yakaar-Teranga gas project due to disagreement over use of commo...

KCB posted a marginal 41bps y/y climb in after-tax profits (PAT) to KES 30.72Bn in the nine months to September 2023. Deposit growth soared by unprecedented margins on faster deposit mobilization across regional subsidiaries,. The counter is currentl...

Israel's high-duration eurobonds gain 0.9% after US 10y fall; ceasefire extension; rates paused, potential easing ahead. Armenia's eurobonds up 0.7%; Blinken talks support peace amid Azerbaijan tensions after regional takeover. Argentina's eurobonds...

Forex: Ghana's reserves rose in October, but remain concerningly weak. Fixed Income: US bond rally to set the stage for African gains. Macroeconomic: The Bank of Ghana left rates unchanged at 30%.

Customer deposits grew 26.06% y/y to KES 353.31Bn faster than the 14.33% y/y growth in the loan book to KES 330.93Bn . Net interest income grew 25.99% to KES 29.32Bn faster than the 6.41% y/y increase in non funded income to KES 10.83Bn. ABSA is curr...

Macro: All eyes will be on the Bank of Mozambique's interest rate decision this week. Talking points: Botswana’s state oil company has opened bidding for a $2.5bn coal-to-liquid plant. Financial markets: The Bank of Zambia hiked rates by 100bps from...

Argentina's eurobond rally continues +5.7% Friday, +28.8% mtd; Milei shifted tone last week, reiterate Hold. Belarus eurobonds rise 1.3% after Russian central bank creates BYN repayment mechanism for Russian bondholders. El Salvador's eurobonds dip 0...

Nigeria: Real GDP growth stable at 2.5% y-o-y in 3Q23 as oil production improves. Angola: Authorities reinstate commitment to OPEC despite recent disagreement on output quota. Zambia: Debt revamp delays affecting the most vulnerable and impeding key...

Forex: Central Bank of Nigeria moves to boost foreign-exchange liquidity in bid to support the naira. Fixed Income: Ghana's public debt falls to GHS 567.3bn in September. Macroeconomic: Challenges in the oil sector continue to weigh on Nigeria's gro...

We highlight the 10 best- and 10 worst-performing EM stocks based on share price change this year. South Korea’s EcoPro, Taiwan’s Wistron and Taiwan’s Quanta Computer top the list of the best-performing stocks. China's Li-Ning, JD.com and Meituan top...

Higher global rates have made it a tough year for fixed income although EM may eke out a positive annual return. Recent easing in financing conditions and expectations of a soft landing help EM bonds finish on a stronger note. No sovereign bond defau...

Turkey's central bank unexpectedly hikes rates by 500bps to 40%, more than 250bps expected, aiding policy normalisation. China boosts lending to property firms, easing liquidity; property woes to persist as credit shifts to manufacturing. President R...

Forex: Kenya to privatise state companies. Fixed Income: Egyptian and Kenyan Eurobonds lead week-to-date gains. Macroeconomic: SARB left interest rates unchanged as expected.

Sri Lanka eurobonds +2.3% post-sell-off; IMF awaits official creditor assurances after China's ExIm debt details shared. Argentina post-Milei win rally continues, +1.7% yesterday; Milei distances himself from Ocampo and dollarisation. Oman eurobonds...

Nigeria: House approves 2024-26 MTEF despite aggressive oil production target. Kenya: Authorities narrow fiscal deficit target to 4.7% of GDP following sixth review of IMF programme. Egypt: Authorities set to resume exportation of LNG to Europe.

Forex: Bank of Zambia rate hike to provide some support to the kwacha. Fixed Income: Kenya's financing strategy shifts to concessional funding. Macroeconomic: Egypt set to resume LNG exports.