KEY INDUSTRY VIEWS: AFRICA
NEW DEVELOPMENTS
August 20, 2024
EMTA Forum: Economic and Political Outlook for Sub-Saharan Africa in New York. Register Here.
August 14, 2024
EMTA Forum: Economic and Political Outlook for Sub-Saharan Africa in London. Register Here.
April 15, 2024
EMTA Forum on the South African Elections in London. Register Here.
October 18, 2023
EMTA Forum: Economic Outlook for South Africa - Johannesburg. Register Here.
October 25, 2023
EMTA Forum on South African Economic Outlook in Cape Town. Register Here.
September 28, 2023
EMTA Seminar: Update on EM Sanctions in London
September 13, 2023
EMTA Webinar: Economic and Political Outlook for Nigeria. Register Here.
July 25, 2023
EMTA Forum: Economic and Political Outlook for Sub-Saharan Africa - London. Register Here.
June 27, 2023
OFAC SDN List Update: Russia-related Designations and Designation Update; Publication of Africa Gold Advisory.
May 24, 2023
Update on EM Sanctions.
April 17, 2023
EMTA Seminar: Update on EM Sanctions. Register Here.
February 13, 2023
EMTA Forum: Economic and Political Outlook for Sub-Saharan Africa in New York. Register Here.
October 19, 2022
EMTA Forum: Economic Outlook for South Africa - Johannesburg. Register Here
October 18, 2022
EMTA Forum: Economic Outlook for South Africa - Cape Town. Register Here
September 28, 2022
Issuance of Central African Republic Sanctions Regulations and Western Balkans Stabilization Regulations.
September 23, 2022
Fitch Ratings Downgrades Ghana’s Long-Term Foreign-Currency Issuer Default Rating from CCC to CC.
August 22, 2022
EMTA Forum: Economic and Political Outlook for Sub-Saharan Africa. Register Here
December 17, 2021
OFAC SDN List Update: Central African Republic Designation.
July 19, 2021
Fitch Ratings Upgrades Cote d’Ivoire’s Long-Term Foreign-Currency Issuer Default Rating from B+ to BB-.
February 12, 2021
S&P Global Ratings Downgrades Ethiopia’s Long-Term Foreign Currency Credit Rating from B to B-.
February 9, 2021
Fitch Ratings Downgrades Ethiopia’s Long-Term Foreign Currency Issuer Default Rating from B to CCC.
October 21, 2020
S&P Global Ratings Service Downgrades Zambia’s Long-Term Foreign Currency Rating from CCC- to SD.
August 7, 2020
OFAC SDN List Update: Hong Kong-related Designations; Central African Republic Designation.
May 27, 2020
EMTA Webinar: Economic Outlook on Sub-Saharan Africa. Click Here to Register.
August 28, 2019
EMTA Forum on Sub-Saharan Africa in London to be Held on September 24, 2019. Click Here to Register.
January 30, 2019
EMTA Forum on Sub-Saharan Africa in New York to be Held on February 26, 2019. Click Here to Register.
June 14, 2018
EMTA Forum on Sub-Saharan Africa in London to be Held on Tuesday, September 25, 2018. Click Here to Register.
December 15, 2017
Nigerian FMDQ Publishes Notice of Proposed Cessation of NiFEX rate.
August 7, 2017
EMTA Forum on Sub-Saharan Africa in London to be Held on Tuesday, September 19, 2017. Click Here to Register.
June 29, 2017
Global Group of Mozambique Bondholders Welcomes Release of Kroll Summary Report and Comments on Recent Developments.
April 3, 2017
S&P Global Ratings Downgrades South Africa’s Long-Term Foreign Currency Rating from BBB- to BB+.
November 8, 2016
Global Group of Mozambique Bondholders Announces Formation.
October 2016
Mozambique's Ministry of Finance Presentation.
August 5, 2016
Moody's Assigns Cameroon a Foreign-Currency Issuer Rating of B2.
August 3, 2016
EMTA Forum on Sub-Saharan Africa in London to be Held on Wednesday, September 21, 2016. Click Here to Register.
August 1, 2016
Moody’s Downgrades Republic of Congo’s Issuer Rating from B2 to B3.
July 8, 2016
Moody’s Downgrades Mozambique’s Issuer Debt Rating from Caa1 to Caa3.
April 29, 2016
Fitch Downgrades Mozambique’s Long-Term Foreign Currency Issuer Default Rating from B to CCC.
Moody's Downgrades Nigeria's Long-Term Issuer Rating from Ba3 to B1.
Moody's Downgrades Gabon's Government Issuer Rating from Ba3 to B1.
Moody's Downgrades Republic of Congo's Government Issuer Rating from B1 to B2.
Moody's Downgrades Angola's Long-Term Issuer Rating from Ba2 to B1.
April 19, 2016
Moody’s Downgrades Zambia’s Long-Term Issuer Rating from B3 to B2.
March 15, 2016
Moody's Downgrades Mozambique's Issuer Rating from B2 to B3.
February 12, 2016
Standard & Poor’s Downgrades Angola’s Long-Term Foreign Currency Sovereign Credit Rating from B+ to B.
January 29, 2016
Standard & Poor’s Downgrades Gabon’s Long-Term Foreign Currency Sovereign Credit Rating from B+ to B.
November 5, 2015
Moody's Upgrades Côte d'Ivoire's Long-Term Sovereign Rating from B1 to Ba3.
August 17, 2015
EMTA Forum on Sub-Saharan Africa in London to be Held on Thursday, September 24, 2015. Click Here to Register.
August 7, 2015
Moody's Downgrades Mozambique's Government Issuer Rating from B1 to B2.
July 6, 2015
Standard & Poor's Downgrades Mozambique’s Long-Term Sovereign Rating from B to B-.
May 28, 2015
EMTA, ISDA and the FXC Publish Amendments to Annex A to the 1998 FX and Currency Option Definitions.
August 11, 2014
EMTA Forum on Sub-Saharan Africa in London to be Held on Tuesday, September 23, 2014. Click Here to Register.
July 21, 2014
EMTA publishes New and Updated FX Documentation for Trading the Ghanaian Cedi, Kenyan Shilling and Zambian Kwacha. Please Click Here to see Market Practice No. 74, Click Here to see the GHS, KES and ZMW NDF and NDO Template Terms and Click Here to see the GHS, KES and ZMW Rate Source Definitions.
February 4, 2014
Bank of Ghana Notice to Banks and the General Public on Repatriation of Export Proceeds and Bank of Ghana Revised Rules on the Operations of Foreign Exchange Accounts and Foreign Currency Accounts.
September 5, 2013
EMTA Forum on Sub-Saharan Africa in London to be Held on Monday, October 7, 2013. Click Here to Register.
July 5, 2012
Communique from the Republic of Cote d'Ivoire to its 2032 Bondholders.
June 29, 2012
EMTA Affirms Market Practice Recommendation for Ivory Coast 2032 Bonds.
June 22, 2012
Standard & Poor’s Reaffirms Gabon’s Foreign Currency Sovereign Credit Rating of BB-Following Coupon Payment.
June 15, 2012
Fitch Downgrades Egypt’s Long-Term Foreign Currency Issuer Default Rating from BB- to B+.
June 14, 2012
Communique from Ivory Coast Minister of Economy and Finance.
June 11, 2012
EMTA Launches the Africa Focus Portal, providing convenient access to Africa-related resources on www.emta.org.
May 23, 2012
Standard & Poor’s Downgrades Tunisia’s Long-Term Foreign Currency Sovereign Credit Rating from BBB- to BB.
May 2, 2012
EMTA publishes standard terms for GHS/USD non-deliverable FX transactions. CLICK HERE for Recommended FX and Currency Derivatives Market Practice No. 65.
April 30, 2012
Fiscal Agent Notice Regarding May 15, 2012 Payment on Nigeria Payment Adjustment Rights.
February 10, 2012
Standard & Poor’s Downgrades Egypt’s Long-Term Foreign Currency Sovereign Credit Rating from B+ to B.
January 23, 2012
Ivory Coast Investor Meeting Presentation.
January 16, 2012
FT Article: Egypt Asks IMF for $3.2bn Standby Facility.
January 13, 2012
Ivory Coast Meeting Invitation to Creditors.
December 21, 2011
Moody's Downgrades Egypt's Government Bond Rating from B1 to B2.
November 21, 2011
Communique from Ivory Coast Minister of Economy and Finance.
October 31, 2011
Fiscal Agent Notice Regarding November 15, 2011 Payment on Nigeria Payment Adjustment Rights.
October 28, 2011
Resolutions of the 28th October 2011 CBK/ACI Members Q&A Session at Mayfair.
October 27, 2011
Moodys's Downgrades Egypt's Government Bond Rating from Ba3 to B1.
October 21, 2011
Central Bank of Kenya Notice Regarding New Restrictions on Kenyan Shilling.
October 18, 2011
Standard & Poor’s Downgrades Egypt’s Long-Term Foreign-Currency Sovereign Credit Rating from BB to BB-.
September 2, 2011
EU Amends Libyan Sanctions – Cleary Gottlieb Explanatory Memo.
July 8, 2011
Communique from Minister of Economy and Finance of the Republic of Côte d'Ivoire.
June 1, 2011
Communique from Minister of Economy and Finance of the Republic of Côte d'Ivoire.
May 16, 2011
EMTA, ISDA and the FXC Publish the African Currency Amendment to Annex A to the 1998 Definitions.
Fiscal Agent Notice Regarding May 16, 2011 Payment on Nigeria Payment Adjustment Rights.
April 29, 2011
Communique from Minister of Economy and Finance of the Republic of Côte d'Ivoire.
March 16, 2011
Moodys Downgrades Egypt's Foreign-Currency Government Bond Rating from Ba2 to Ba3.
March 2, 2011
Fitch Downgrades Tunisia’s Long-Term Foreign Currency Issuer Default Rating from BBB to BBB-.
February 4, 2011
Egypt Update.
February 3, 2011
Fitch Downgrades Egypt's Long-Term Foreign Currency Issuer Default Rating from BB+ to BB.
January 31, 2011
Moody's Downgrades Egypt's Government Bond Rating from Ba1 to Ba2.
Market Practice Recommendation for Ivory Coast 2032 Bonds.
January 19, 2011
Moody's Downgrades Tunisia's Foreign Currency Government Bond Rating from Baa2 to Baa3.
January 10, 2011
Press Release from the Cote d’Ivoire Ministry of Finance on Interest Payment on Bonds Due 2032.
December 14, 2010
EMTA today announces the publication of its Recommended FX and Currency Derivatives Market Practice No.54 on Template Terms for Nigerian Naira Non-Deliverable Forward FX Transactions. See EMTA’s website (FX and Currency Derivatives Documentation and Market Practices) for documentation and more information.
November 1, 2010
Fiscal Agent Notice Regarding November 15, 2010 Payment on Nigeria Payment Adjustment Rights.
August 27, 2010
Standard & Poor’s Downgrades Ghana’s Long-Term Sovereign Credit Rating from B+ to B.
May 20, 2010
Issues Presented by the Cote d’Ivoire Debt Restructurings.
May 19, 2010
Fitch Issues Angola a Long Term Foreign-Currency Issuer Default Rating of B+.
Standard & Poor’s Issues Angola a Long-Term Foreign Currency Rating of B+.
May 12, 2010
Fiscal Agent Notice Regarding May 17, 2010 Payment on Nigeria Payment Adjustment Rights.
March 24, 2010
Ivory Coast Investor Presentation.
March 19, 2010
EMTA Recommends When-Issued Bond Confirm for When-Issued Trading in the New Ivory Coast Bond.
March 17, 2010
Holders of Côte d'Ivoire Brady Bonds Are Required to Confirm Their Eligibility to Participate in the Exchange Offer by Visiting www.dfking.com/RCI, or Contacting D.F. King, the Information Agent, at D. F. King (Europe) Ltd., One Ropemaker Street, London EC2Y 9AW, +44 (0) 20 7920 9700, RCI@dfking.com.
February 26, 2010
UK Debt Relief Legislation Update
November 30, 2009
The Return of Frontier Markets: Is Africa Back in Business?
November 10, 2009
Fiscal Agent Notice Regarding November 16, 2009 Payment on Nigeria Payment Adjustment Rights.
October 2, 2009
Press Release for Ivory Coast Sphynx Noteholders.
September 28, 2009
Ivory Coast Strikes London Club Deal.
August 21, 2009
Standard & Poor's Downgrades Nigeria's Long-Term Foreign Currency Rating from BB- to B+.
July 16, 2009
Moody’s Upgrades South Africa’s Foreign Currency Rating from Baa1 to A3.
May 6, 2009
Fiscal Agent Notice Regarding May 15, 2009 Payment on Nigeria Payment Adjustment Rights.
October 31, 2008
Fiscal Agent Notice Regarding November 17, 2008 Payment on Nigeria Payment Adjustment Rights.
May 2, 2008
Fiscal Agent Notice Regarding May 15, 2008 Payment on Nigeria Payment Adjustment Rights.
November 20, 2007
Revised Primers for Venezuela Oil Obligations and Nigeria Payment Adjustment Warrants, and EMTA Advisories Regarding Venezuela Oil Obligations and Their Related Payments and Nigeria Payment Adjustment Warrants and Their Related Payments.
October 31, 2007
Fiscal Agent Notice Regarding November 15, 2007 Payment on Nigeria Payment Adjustment Rights.
July 5 2007
EMTA's Seminar on the Côte d'Ivoire - After the Peace: Finding the Path to Rehabilitation and Debt Sustainability, hosted by UBS, London on July 26, 2007. Click Here to Register.
June 23, 2007
EMTA Amicus Brief in Barbados Trust Company Ltd. v. Bank of Zambia.
June 11, 2007
BNP Paribas, as Servicing Institution of the Restructuring and Consolidating Agreement dated September 20, 1990 (RCA), has been advised by the Kingdom of Morocco of its intention to prepay Tranche A in full (principal plus interest) on July 2, 2007 pursuant to clause 21.02 of the RCA.
June 7, 2007
Netting and Offset Facilities Completed for Nigeria and Venezuela Warrants.
EMTA Summer Forum in London to be Held on June 28, 2007. Details TBA.
June 6, 2007
Revised Primers for Venezuela Oil Obligations and Nigeria Payment Adjustment Warrants.
May 11, 2007
Fiscal Agent Notice Regarding May 15, 2007 Payment on Nigeria Payment Adjustment Rights.
April 25, 2007
EMTA Advisory Regarding Nigeria Payment Adjustment Warrants and Related Payments on Payment Adjustment Rights.
March 29, 2007
Nigeria Announces Results of Tender Offer for Oil Warrants.
March 15, 2007
Nigeria Press Release Regarding Warrant Tender Offer.
March 1, 2007
Congo Press Release Relating to London Club Meeting.
February 26, 2007
Nigeria Launches Tender Offer for Warrants.
February 19, 2007
Donegal International Ltd. v. Republic of Zambia and ANR Transcript.
January 26, 2007
Nigeria Hires Citigroup for Planned Tender Offer for Warrants.
January 11, 2007
Nigeria Intends to Launch Tender Offer for Warrants
November 15, 2006
Payment on Nigeria Payment Adjustment Rights - Fiscal Agent Notice and Euroclear DACE Notice.
November 10, 2006
EMTA's FOCUS ON AFRICA: The Nigerian Financial Markets [Proceedings Subject to the Chatham House Rule]:
October 18, 2006
EMTA's Focus on Africa: The Nigerian Financial Markets to Be Held on November 9, 2006. Click Here to Register.
October 11, 2006
Nigeria to Redeem All of its Outstanding Brady Bonds - Fiscal Agent Notice.
September 21, 2006
Save the Date for EMTA's Special Seminar “FOCUS ON AFRICA: The Nigerian Financial Markets” in London Sponsored by Standard Bank on November 9, 2006.
September 13, 2006
AF-Cap v. Congo Petition for Rehearing En Banc.
August 25, 2006
Second Circuit Decision in Kensington International Limited v. Congo.
August 24, 2006
Fifth Circuit Decision in AF-Cap v. Congo.
August 15, 2006
Nigeria Payment Adjustment Warrants Certificate Evidencing Payment Adjustment Rights.
August 3, 2006
FG Hemisphere Associates v. Congo: Amicus Curiae Brief by National Union Fire Insurance Company of Pittsburgh, PA.
July 25, 2006
FG Hemisphere Associates v. Congo Petition for Panel Rehearing and Petition for Rehearing En Banc.
July 14, 2006
Fifth Circuit Decision in FG Hemisphere Associates v. Congo.
May 1, 2006
Fiscal Agent Notice Regarding May 15, 2006 Payment on Nigeria Payment Adjustment Rights.
March 31, 2006
Ivory Coast Press Release.
March 6, 2006
EMTA Market Practice Recommendation Regarding Nigeria Payment Adjustment Warrants.
February 22, 2006
Revised Primers for Venezuela Oil Obligations and Nigeria Payment Adjustment Warrants.
February 6, 2006
Nigeria Assigned a BB- by Standard & Poor's.
January 30, 2006
Nigeria Assigned a BB- Rating by Fitch.
January 9, 2006
Kensington International Limited v. Congo in UK Court Attachment Proceedings.
October 31, 2005
Fiscal Agent Notice Regarding November 15, 2005 Payment on Nigeria Payment Adjustment Rights.
August 25, 2005
Fitch Upgrades South Africa's Long-Term Foreign Currency Rating to BBB+.
August 9, 2005
Standard & Poor's Raises Morocco's Long-Term Foreign Currency Rating to BB+.
August 1, 2005
Standard & Poor's Raises South Africa's Long-Term Foreign Currency Rating to BBB+.
June 29, 2005
Paris Club Sets Naples Terms for Nigeria.
May 24, 2005
Revised Primer on Nigeria Payment Adjustment Warrants.
May 20, 2005
Fiscal Agent Notice Regarding May 15, 2005 Payment on Nigeria Payment Adjustment Rights.
April 14, 2005
Fiscal Agent Notice Regarding November 15, 2004 Payment on Nigeria Payment Adjustment Rights (With Default Interest).
January 25, 2005
Fiscal Agent Notice Regarding May 15, 2003 Payment on Nigeria Payment Adjustment Rights.
November 12, 2004
Euroclear Notice Regarding Nigeria Payment Adjustment Rights.
September 8, 2004
EMCC Notice Regarding Exiting of Failed Warrant Transactions.
March 23, 2004
EM Sovereign Bond Charts for Bahamas, Lithuania and Tunisia.
July 17, 2003
EM Sovereign Bond Documentation Chart for Morocco.
May 23, 2003
EM Sovereign Bond Documentation Charts for Brazil, Mexico and South Africa, as well as for 2000 Ecuador and Russia.
May 16, 2003
Citibank Informs EMTA of Missed Payment on Nigeria Payment Adjustment Rights. Previous Payment Due on May 15, 2001 was Paid with Interest on November 15, 2001.
April 30, 2003
Calculations for Payments on Nigeria Payment Adjustment Rights.
January 7, 2003
Nigeria Announces Collateral Value for Par Bond Invitation.
December 17, 2002
Nigeria Exchange Offer: Citigroup Press Release, Nigeria Press Release, Amended Letter of Transmittal and Clarification on Nigeria Warrants.
December 5, 2002
Nigeria Exchange Offer Extended from December 6 to December 20. Bond Instructions Must be Submitted by 3:00 PM (London Time) on December 19; Letters of Transmittal Must be Submitted by 3:00 PM (London time) on December 20; and the Clearing Price for the Bonds will be Announced on December 23.
October 30, 2002
Brady Bond Holiday Schedule for US Veterans Day Holiday.
The Fiscal Agent has Confirmed that the November 15 Payment Amount Relating to Nigeria Warrants is Zero.
October 21, 2002
New Nigeria Market Practices for the Separate Trading of USD Par Bonds and their Related Payment Adjustment Warrants, together with a Revised Primer.
April 18, 2002
Notice from Republic of Cote d'Ivoire Private Creditors Advisory Committee.
March 8, 2002
The Slide Presentation Made by Paris Club Officials at a Meeting with Private Sector Representatives Is Available at http://www.clubdeparis.org/rep_upload/presentationcomplete0.pdf.
November 15, 2001
Primer on Venezuela Oil-Indexed Payment Obligations.
Citibank Distributing Late Nigeria Warrant Payment Today.
April 5, 2001
Market Practice for Ivory Coast Bonds.
March 23, 2001
Draft Market Practice for Ivory Coast Bonds. Contact Aviva Werner at awerner@emta.org with any comments.
June 23, 2000
BNP Luxembourg, the Fiscal Agent for Ivory Coast, has Announced that the New Record Date for the Remaining Portion of Interest Due on the PDI, Discount and Front-Loaded Interest Reduction Bonds will be July 7, 2000, with a Payment Date of July 17, 2000.
May 26, 2000
BNP Luxembourg, the Fiscal Agent for Ivory Coast, has Announced that:
(1) the Record Date for Principal Payments on PDI Bonds is May 16, 2000, with a Payment Date of May 23, 2000, and
(2) the Record Date for a Portion of Interest Payments on PDI, Discount & Front-Loaded Interest Reduction Bonds is May 24, 2000, with a Payment Date of June 2, 2000.
April 28, 2000
EMTA Recommends Market Practices for the 'Flat' Trading of Ivory Coast Bonds.
October 19, 1998
Market Practice for Morocco Restructured Loan.
August 31, 1998
Market Practices for the trading and settlement of Nigeria Promissory Notes.
June 4, 1997
Market Practices for the trading of Ivory Coast Loans.
September 27, 1996
Market Practice for trades of Brady bonds with related Rights or Warrants.
September 7, 1996
Market Practice for trades of Brady bonds with related Rights or Warrants.
September 30, 1992
Market Practices for trading bonds with related rights or warrants.