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Satchu's Rich Wrap-Up
 
 
Wednesday 02nd of September 2020
 












This heatmap shows the trend of daily growth in confirmed cases for some major countries. #CoronaVirusUpdates #coronavirus @ExanteData
Misc.

Hungary has the highest 3-day growth rate in the group, while Mexico has the highest hit ratio 

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Currency Markets at a Glance WSJ
World Currencies

Euro 1.1901

Dollar Index 92.394

Japan Yen 106.03

Swiss Franc 0.91110

Pound 1.3372

Aussie 0.7356

India Rupee 72.9865

South Korea Won 1185.74

Brazil Real 5.3989

Egypt Pound 15.8441

South Africa Rand 16.668

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Rocket Internet to buy shares at €18.57 (56% below IPO price of €42.5 in 2014) in delisting offer. @Schuldensuehner
World Of Finance

Rocket entered into qualified non-tender agreements w/Global Founders which holds 45.11%, w/Oliver Samwer who holds 4.53% so that Rocket shares held by them will not be acquired.

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Gold 6 month INO 1967.00
Commodities

Brent Crude Oil climbs above $46 a barrel to its highest closing level since early March

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“We’re going to wake up one day & realize we went through all our savings," says a #Kuwait analyst. @PaulWallace123
Emerging Markets


"Not because we didn’t check our bank statement, but because we looked at it & said, it’s probably a glitch, and then bought a Rolex.”

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24 FEB 14 :: Dubai is the real transit state, a connection point in an interconnected century.
Emerging Markets


via Email 


New Issue:                            Government of Dubai – 10Y Sukuk & 30Y Bond – IPTs

Indicative Yield:                   10yrs: 3.19% area; 30yrs : 4.375% area

Deal Details:

Issuer:

Dubai DOF Sukuk Limited Government of Dubai

Obligor:

Government of Dubai -

Ratings:

Unrated Unrated

Format & Status:

Regulation S, Senior Unsecured Sukuk Regulation S, Senior Unsecured Bond

Settlement Date:

9 September 2020 9 September 2020

Tenor & Maturity Date:

10-year (9 September 2030) 30-year (9 September 2050)

Size:

US$ benchmark US$ benchmark

IPTs:

10-year at MS + 250 bps area 30-year at 4.375% area

Profit rate / Coupon:

FXD SA 30/360 FXD SA 30/360

Denominations:

US$ 200,000 + US$ 1,000 US$ 200,000 + US$ 1,000

Listing:

Dubai Financial Market Dubai Financial Market

Governing Law:

English and Dubai/UAE English

Documentation:

Dubai DOF Sukuk Limited US$ 6bn Trust Certificate Issuance Programme Government of Dubai US$ 5bn EMTN Programme

Issuer LEI:

549300FL2U4Z16IJI576 549300IY6A4IPIRLLX57

Joint Lead Managers & Bookrunners:

Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC (B&D) and Standard Chartered Bank Emirates NBD Capital, First Abu Dhabi Bank, HSBC (B&D) and Standard Chartered Bank

Timing Book’s open:

. Today’s business Book’s open. Today’s business

Stabilization:

FCA/ICMA applies FCA/ICMA applies


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How Putin Got a New Best Friend Forever in Africa @business
Law & Politics



“I would like, if possible, to spend most of our meeting in a one-in-one format because I have things to say to you that are not worth discussing in such a large group,” the 81-year-old West African leader said.

“My pleasure,” Putin, 67, replied as aides began to herd the several dozen officials and reporters in attendance out of the room, leaving him and Conde alone with their respective translators.

Russia, on the other hand, is throwing its weight behind Conde’s undeclared campaign. That makes Guinea, holder of the world’s largest deposits of bauxite, a key raw material for making aluminum, the latest focus in a renewed tug-of-war among global powers for influence and profit across resource-rich Africa.


Boyarkin blames the protests mainly on “outside forces” and has nothing but praise for Conde. “I consider him a savior for Guinea.”

“Since the days of the Soviet Union, you have been alongside us, protecting us,” he told Putin.


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28-OCT-2019 :: From Russia with Love
Africa

But, he said, Russia was going to be a different kind of superpower, one that does not engage in “pressure, in- timidation and blackmail” to “exploit” sovereign African governments.

“Our African agenda is positive and future-oriented. We do not ally with someone against someone else, and we strongly oppose any geopolitical games involving Africa.”

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Sub-Saharan Africa's COVID-induced slump may last 3 years -Ghana FinMin @ReutersAfrica
Africa



The economic slump in sub-Saharan Africa caused by the coronavirus outbreak could last well over three years, Ghana’s finance minister said on Tuesday.

Much of the region has been spared the infection and death rates that have hit other parts of the world, data suggests, but its economies have been battered by the pandemic and restrictions imposed by governments to contain it.


“We are in the middle of the first recession in sub-Saharan Africa in the last 25 years,” said Ghana’s Finance Minister Ken Ofori-Atta.

The slump may last well over three years and could push between 26 and 39 million people continent-wide into extreme poverty. 

“Many of our economies are facing economic contractions of up to 15% of gross domestic product and severe liquidity challenges,” he added.



Ofori-Atta, who also serves as chairman of the African Development Bank’s (AfDB) board of governors, was speaking during the swearing-in of AfDB President Akinwumi Adesina to a second five-year term.

The AfDB said in July it expected Africa’s economy to partially rebound next year but that it could still lose nearly a quarter of a trillion dollars in output over 2020 and 2021.

African countries have recorded nearly 1.25 million COVID-19 infections and almost 30,000 deaths. 

Their relatively low caseloads have been attributed to their relative isolation, early preventive measures taken by authorities and limited testing that suggests the true figures are higher.


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China has said it has agreed to suspend #debt payments for 10 poor countries, IF (a big IF) these 20 countries were the #African countries that negotiated with Paris lenders, it would save approx. $2.9bn @DevReimagined
Africa

China has said it has agreed to suspend #debt payments for 10 poor countries, and is still negotiating with 10 more. IF (a big IF) these 20 countries were the #African countries that negotiated with Paris lenders, it would save approx. $2.9bn

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Kenya in Talks With World Bank for Budget-Support Loan @economics @herbling
Africa

Kenya is in talks with the World Bank for a loan to provide further budget support, according to Treasury Secretary Ukur Yatani.

The East African nation’s government and the lender are “still discussing policy areas” to be covered by the financing and are yet to agree on the amount, Yatani said. 

The loan “doesn’t look likely for this financial year,” he said Tuesday in a text message.

The World Bank in May approved $1 billion in budget support for Kenya, which followed a $750 million package approved in 2019. 

The government will spend the money on subsidized agricultural inputs, affordable housing and improving transparency in public financial management, the lender said at the time.

This will be the third time Kenya takes up a so-called development policy operation loan from the World Bank. 

It is a tool used to provide financing to help countries plug budget deficits and signals the nation’s shift to seek cheaper concessional funding as it faces debt distress concerns. 

The International Monetary Fund in May raised Kenya’s risk of debt distress to high from moderate, citing coronavirus shocks.

The budget gap of East Africa’s biggest economy is seen at 840.6 billion shillings ($7.8 billion) in the current fiscal year, or 7.5% of gross domestic product, and will be partly financed via net foreign borrowing of 347 billion shillings, Yatani said in his June budget speech. Kenya also plans to borrow 493.4 billion shillings domestically.

Kenya has no plans to issue commercial debt such as Eurobonds or syndicated loans to finance the budget in the current financial year that ends June 2021, Yatani said on Tuesday.

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by Aly Khan Satchu (www.rich.co.ke)
 
 
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September 2020
 
 
 
 
 
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