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Egypt, SA and the UK are set to follow in the Fed's footsteps

Forex: Nigerian naira among the worst-performing African currencies in September. Fixed Income: Ghanaian Eurobonds tank as fears grow that the debt restructuring could include external debt. Macroeconomic: Hawkish hike sends tremors across markets.
ETM Analytics Kieran
Kieran Siney @ ETM Analytics 22 September 2022

S&P affirms Botswana's BBB+ rating, Zambia's debt restructuring is back in focus

Forex: Kenya’s foreign remittance inflows declined by 0.8% y/y in August. Fixed Income: Botswana’s sovereign credit rating remains buoyed in investment grade territory. Macroeconomic: Slowing Chinese demand weighs on copper prices.
ETM Analytics Kieran
Kieran Siney @ ETM Analytics 19 September 2022

Zambia: Upgrade to Buy as DSA gives positive signal for bonds

IMF granted Board approval for Zambia's US$1.3bn ECF and published the DSA that will serve as basis for restructuring. Calls for 35-45% NPV cut on external debt and US$8.4bn of cashflow relief from 2022-25, roughly = to maturities over ECF. Implies r...
Tellimer Research Patrick
Patrick Curran @ Tellimer Research 9 September 2022
Zambia: Upgrade to Buy as DSA gives positive signal for bonds
Zambia: Upgrade to Buy as DSA gives positive signal for bonds

African bonds are in bear market territory, shipping costs fall

Forex: Nigerian naira remains near its weakest level on record. Fixed Income: African bonds remain in bear market territory. Macroeconomic: Freight rates ease as global trade starts to stagnate  .
ETM Analytics Kieran
Kieran Siney @ ETM Analytics 9 September 2022

Ethiopia tightens capital controls, Zambia lays out debt restructuring plan

Forex: Egypt signals openness to looser management of the pound. Fixed Income: Zambia lays out a plan for its complex debt restructuring. Macroeconomic: IMF programmes are becoming all the more important for heavily indebted African countries.
ETM Analytics Kieran
Kieran Siney @ ETM Analytics 7 September 2022

Africa Needs Progress on Free Trade Agreement to Accelerate

AfCFTA aims to create a single market size of 1.3bn people with a combined annual GDP of $3.4trn. Some progress has been made on the AfCFTA, with a pilot phase underway. There is a greater need to accelerate efforts towards implementation strategies....
ETM Analytics Edmond
Edmond Muzinda @ ETM Analytics 5 September 2022