Insights

In this 11th edition, we analysed the AGR Africa Bond Index evolution during Q3-21.

For this edition, we note a continued improvement in investor confidence toward the Equity market.

Following our survey conducted in September, we have identified investors' expectations toward the evolution of the Moroccan central bank key rate on the sidelines of its 3rd meeting of Q3-21.

GHANA : the issuing of an « Unprecedented» Eurobond. The international debt markets continue to be favourable for Eurobond issuance. For this Q2-2021, it is Ghana's turn to raise significant funds of $ 3.0 Bn.

On the sidelines of our last survey carried out among the 35 most influential investors in the Moroccan stock market, we have updated the required profitability towards stocks. Not surprisingly, the Equity Risk Premium reaches a record low of 5.6%, supported by the sustainable context of low interest rates in Morocco.

For this edition, we note a significant improvement in investor confidence toward the Equity market.

EGYPT : ISSUANCES ARE MULTIPLYING ... WITHOUT LOSING THEIR ATTRACTIVENESS Egypt has just successfully issued its first Eurobond in 2021. Used to this channel for its debt raising, Egypt has achieved its 13th Eurobond issuance since 2010.

Following our survey conducted in March, we have identified investors' expectations toward the evolution of the Moroccan central bank key rate on the sidelines of its 1st meeting of Q1-21.

The dollar is falling…, the euro more resilient. The EUR/USD parity downtrend, observed since the start of 2021, was interrupted this week. In fact, the euro exceeded $ 1.21 against $ 1.20 a week earlier.