Insights

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 ATTRACTIVENESSEgypt 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.

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.

COVID-19 crisis : a growth opportunity for the EUROBONDS market.Like previous crises, the Covid-19 pandemic has not been completely disadvantageous to the global economy.

A dynamic week under the sign of volatility The EUR/USD parity remains characterized by a strong volatility, torn between economic indicators reassuring Europeans and a difficult health situation generating fears of additional lockdowns in Europe.

If we had to sum up the year 2020 in one word. we would say without hesitation "VOLATILITY". Faced with the Covid-19 crisis. the MASI index underwent the fastest correction in its history.

At the beginning of the COVID-19 health crisis, Eurobonds' secondary market yields issued by African countries recorded significant increases.