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Friday 10th of June 2022
 
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Africa

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May 29 Vanity of Vanities! All is vanity
World Of Finance


May 29 Vanity of Vanities! All is vanity


Cummings continues
Blofeld: Kronsteen, you are sure this plan is foolproof?
Kronsteen: Yes it is, because I have anticipated every possible variation of counter-move.
Politics therefore suffers from a surfeit of narcissists.
The occupants of No10, like Tolstoy’s characters in War and Peace, are blown around by forces they do not comprehend as they gossip, intrigue, and babble to the media.
The MPs and spin doctors steer their priorities according to the rapidly shifting sands of the pundits who they are all spinning, while the pundits shift (to some extent unconsciously) according to the polls.
The outcome? Everybody rushes around in tailspins assembling circular firing squads while the real dynamics of opinion play out largely untouched by their conscious actions.
In terms of a method to ‘manage’ government, it is not far from tribal elders howling incantations around the camp fire after inspecting the entrails of slaughtered animals. 
Layer on top of this a highly managed media construct which is essentially a Claque where alternative voices are deplatformed and we have an environment which was accurately described thus by @FukuyamaFrancis
The democratization of authority spurred by the digital revolution has flattened cognitive hierarchies along with other hierarchies, and political decision-making is now driven by often weaponized babble.
At a time when what is required is agile multi disciplinary thinking we have ''weaponized babble''
Less than two months ago The ''Leader of the Free World'' President Biden said his sanctions against Russia would “reduce the Ruble to rubble” and this has happened
The Architect of the Sanction warfare program said 
The @POTUS Official Who Pierced Putin’s “Sanction-Proof” Economy @NewYorker [4]
Singh said, “We’ve made him stare into an economic abyss. But he could choose to pull back.”
The markets are where these two systems touch—the supply of buckwheat, the joint energy ventures, the price of the ruble—and within this arena the sanctions were a demonstration that Washington still had levers to pull.
“You know, we can play chess, too,” Singh said. “It was important for us to show that the fortress could come crumbling down.”
The geoeconomic debacle is off the scale.  

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Bank of Russia rode rouble rally when war left few other options @business @dailymaverick
World Currencies


Bank of Russia rode rouble rally when war left few other options @business @dailymaverick 


Some economists say the country's central bank could lower the benchmark below its pre-war level of 9.5% on Friday. 

It would be the fourth straight cut, a series that started as the rouble wiped out the losses incurred after Russia's invasion of Ukraine began.

The rouble was one of the first economic casualties of Russia’s war in Ukraine. 

Soon, it became the central bank’s lifeline.With stiff capital controls in place, imports collapsing and billions in petrodollars flooding in, a rally in the currency took hold by March. 

It was then that Governor Elvira Nabiullina decided to harness its strength to subdue inflation, according to people familiar with central bank discussions at the time.
Instead of acting faster to dismantle restrictions on the cross-border flow of money, the choice three months ago was to hold out as long as possible even at the cost to the budget, the people said. 

Only once a stronger rouble made enough of a dent on inflation would the central bank move aggressively to lower interest rates from the highest in almost two decades, they said, requesting anonymity to speak openly about the deliberations.

The culmination of what insiders describe as Nabiullina’s tactical manoeuvre may come on Friday, when some economists think the central bank could lower the benchmark below its pre-war level of 9.5%. 

It would be the fourth straight cut, a series that started as the rouble wiped out the losses incurred after the invasion began.

“The strategy is clear, first let the rouble strengthen to fight inflation,” said Oleg Vyugin, a former top central bank and Finance Ministry official. 

“But there is one catch: this tactics makes sense if imports recover and then bring at least a relative balance to trade. But imports aren’t recovering yet. And that’s a problem.”
The central bank didn’t respond to a request for comment.
Just days before the start of her third term later this month, Nabiullina might feel vindicated because inflation has cooled off so much that Russia saw rare weekly declines in consumer prices.
The broader outlook is also turning more favorable, with some forecasters seeing a far more shallow recession this year than anticipated earlier. 

Higher rates have prompted more Russians to return money to banks after record withdrawals starting in February.
But the central bank’s anti-crisis arsenal is less well suited for the risks ahead, from economic regression under sanctions to the threat of shortages as supplies of imported goods run dry. 

And with about half of Russia’s international reserves frozen by sanctions, policy makers are still unable to intervene in the market.
This week’s rate decision will go a long way toward showing just how much longer the central bank wants to rely on a strong rouble as a policy anchor, especially if it decides to complement monetary stimulus with an additional relaxation of capital controls.
Although the Bank of Russia gradually began to roll back its financial defenses from April, some of the harshest measures remain, including a ban on sales of Russian securities by foreign investors.
Most analysts surveyed by Bloomberg predict a rate cut of one percentage point on Friday to 10%. Inflation slowed more than forecast in May, reaching an annual 17.1%.
JPMorgan Chase & Co.’s economists expect the rouble’s performance will largely dictate the pace and extent of the easing cycle. 

Rates may even need to go below a level deemed neutral – 6% to 8% – to revive consumer spending and balance out surging exports, they said.
Otherwise the rouble will remain at the mercy of the current account.
“To reduce the current-account surplus notably – via higher imports – a significant policy easing to heat up domestic demand might be needed,” JPMorgan economists including Yarkin Cebeci said in a report. 

“The Finance Ministry is doing its part via a large fiscal stimulus, but a stronger monetary impulse may also be needed.” BM


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https://j.mp/3x2sy0x
World Of Finance



“Derivatives,” Alvin said. “I don’t speculate about the future, I trade it.” @NewYorker






And they were cross‑linked and interwoven and resold in large bundles, “future on future,” Alvin said, handing me a paper towel. 

“Forget about the forces of the free market, my friend. Commodity prices no longer refer to any value, past or present—they’re just ghosts from the future.”

In the morning, when the window was fogged up and Alvin had fallen asleep with the computer on his stomach, I knew that he had told the truth. 

After half an hour of trading, we had switched places, so that I could do the clicking while he told me what to click on. 

I don’t know whether it was the friction of the mouse, its smooth, slightly greasy surface, or the amounts being transferred, disappearing and reappearing, inseparable from their I.D. numbers and in time with my clicking—or the fact that we were actually having a nice time together; 

Alvin heated up a can of curry soup and went out to buy more cigarettes, and at some point we laughed a lot because I had accidentally bought the right to buy a massive batch of chickens, millions of them, from a farm in Jerusalem a few months from now—in any case, I felt at home in derivatives trading, as if it had been waiting for me, and I for it. 

We brought the computer into bed with us and continued trading on Alvin’s stomach. 

He told me—in a neutral voice and with his eyes on the screen, as he said everything else—that his parents were dead, but that he had inherited some money, which he had grown large enough by investing in stocks to enter the world of derivatives trading, where you never actually buy the asset in question but always resell the agreement before the closing date. 

He mumbled something about a guardian and “trading without attachments” and fell asleep.


I didn’t mind lying in bed, watching Alvin’s face twitch, the contours of a dream quivering under his eyelids.

He said, “What’s mine is yours.” “Thanks” died unsaid on my lips, as if someone had placed a long, cold finger over them. 

I remember all the things he used to do: pelvis against the handlebars of the scooter, center of gravity sinking into his knees, he leans into the bumps on the road. 

The slight irony in the way his fingers hold a cigarette. 

That day, even the planes were beautiful. Broken air. Plants shooting up through broken asphalt. Rancid smell of beef and other dead animals in a market on the city outskirts. A gorgeous butcher shop, wasps floating in blood


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Corona Paul Celan
Misc.

Corona Paul Celan



From my Hand the Autumn eats its Leaf: we are Friends.
We shell Time from Nuts and teach it to walk:
Time returns to the Shell.

In the mirror it’s Sunday,
in Dream there is sleep,
the Mouth speaks true.

My eye bends down to the Sex of my Loved One:
we gaze at each other,
we speak a Darkness between us,

we love each other as Poppy and Memory,
we sleep like Wine in the Mussel,
like the Sea in the Blood-Beam of Moons.

We stand entwined at the Window, they look up at us from the
Street:
it is Time, that they knew!


It is Time, that the Stone condescended to flower,
that Unrest’s Heart beat.
It is Time that it became, Time.

It is Time.


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The prime minister resembles Silvio Berlusconi, Italy’s former prime minister who offered boosterish posturing in place of real substance @NewStatesman
Law & Politics

But it was Boris Johnson’s rise to power that marked the definitive deoxygenation 

of British politics. 

Not only is the man who swept to victory at the 2019 election almost entirely free of any conviction, but he lacks moral orientation too. 

He is an empty vessel, clueless about what he wants to do in power. He has governed accordingly.

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Sunday, April 10, 2022 Apocalypse Now
Law & Politics


Sunday, April 10, 2022 Apocalypse Now


The moment we find ourselves is in is one of extreme stress and complexity. 

The Geopolitical fault line is most visible in Ukraine and therefore at the European periphery, however, fault lines are emerging all over the global landscape and exhibiting multiple feedback loops, which feedback loops all have viral and exponential characteristics.

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There is certainly a Fin de siecle even apocalyptic mood afoot.
Law & Politics

The conundrum for those who wish to bet on the End of the World is this, however. What would be the point? The World would have ended.

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April 10, 2022 ‘’You can print money, but not oil to heat or wheat to eat’’ wrote @CreditSuisse’s Zoltan Pozsar.
Law & Politics

A financial crisis in some countries, combined with the lack of stability of national currencies, hyperinflation and the destruction of the legal system protecting private property.

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As a result, a new security architecture is being created which recognises:
Law & Politics

(a) the weakness of Western concepts of international relations such as "rules-based order" and other meaningless Western rubbish,

b) the collapse of the idea of an America-centric world,

24-JAN-2022 ::  The Charge of the Light Brigade


Putin sees this optimal window of opportunity to test the readiness of US for bilateral talks with Moscow but also the red line for future concessions if Washington really intends to get Russia out of China’s orbit in the long term. 

Moscow has put its conditions on the table. tweeted @vtchakarova.and added ''Amid bifurcation of the global system, think of Machiavelli: „There’s nothing more difficult to take in hand, more perilous to conduct, or more uncertain in its success, then to take the lead in the introduction of a new order of things.“ Because this is what Russia’s doing now''
Will the West deal? Anyone who follows international affairs and who appreciates that outside the Yemen its no longer a Unipolar World has to understand ''The Great Balancer'' has to be accommodated.

c) the existence of internationally respected interests of those countries in sharp conflict with the Western world.


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US sanctions have 'returned like boomerang,' affecting American, European economies: Venezuela's president @anadoluagency
Law & Politics



"Because the US empire has always been caught up in its own aggression. Look at what is happening right now with Russia. All the sanctions imposed – more than a thousand economic sanctions against the Russian economy, agriculture, oil and gas – have returned like a boomerang, and today they have returned against the European and American economies, which are creaking with galloping inflation, and they also affected the economies and economic rights of all the countries of the world."

Caracas made an "important contact" on March 5 with a delegation from the US government, and they maintained a fluid, permanent communication, Maduro said, adding Washington authorized American oil company Chevron, Italian energy company Eni and Spanish energy and petrochemical company Repsol to move their investments in Venezuela to produce oil and gas for its natural market.

"They are small steps in the right direction. Let's have patience, patience, patience and keep working to get ahead with our own effort," he said. 

"And hopefully one day, the United States abandons its policy of aggression, of coercion, of sanctions."

Asked whether he plans to meet with Russian Foreign Minister Sergey Lavrov, who is also in the Turkish capital Ankara for contacts, Maduro said he did not know that Lavrov is also in Ankara, but added: "If I can see him, I would be very happy. He is a great friend."

Recalling Venezuela's economic suffering for years, Maduro said 2021 was the first year of a definitive slowdown in inflation, construction of new macroeconomic instruments, exchange rate stability and economic growth in Venezuela.

"Already for the year 2022, the first quarter indicates that Venezuela has had a growth of more than 10% of its real economy," he added.

Conclusions

Maduro is the come back Kid of the Ages

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“The edge... There is no honest way to explain it because the only people who really know where it is are the ones who have gone over,” Hunter S Thompson.
Law & Politics


Vanity of Vanities! All is vanity


At a time when what is required is agile multi disciplinary thinking we have ''weaponized babble''
Less than two months ago The ''Leader of the Free World'' President Biden said his sanctions against Russia would “reduce the Ruble to rubble”

The @POTUS Official Who Pierced Putin’s “Sanction-Proof” Economy @NewYorker [4]
Singh said, “We’ve made him stare into an economic abyss. But he could choose to pull back.”
The markets are where these two systems touch—the supply of buckwheat, the joint energy ventures, the price of the ruble—and within this arena the sanctions were a demonstration that Washington still had levers to pull.
“You know, we can play chess, too,” Singh said. “It was important for us to show that the fortress could come crumbling down.”
The geoeconomic debacle is off the scale.  

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Luck is luck. Luck isn’t structural... Luck is running out Zoltan Pozsar
World Of Finance

Luck is luck. Luck isn’t structural... Luck is running out Zoltan Pozsar



Luck is luck. Luck isn’t structural... Luck is running out; central banks were lucky to have price stability as a tailwind when they had to fight crises of FX pegs, par, repo, and the cash-futures basis. Those were the easy crises. The ones you can print your way out of with QE.
But not this time around...

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The ostrich economy is heading for a reckoning @NewStatesman @willydunn
World Of Finance


Did Gordon Brown save the world in October 2008? He famously claimed to have done so in the House of Commons in December 2008,

The safety valves that had been opened in 2008 – including quantitative easing (QE), the mechanism whereby the Bank of England injected cash directly into the economy by buying UK government and corporate bonds – were never closed

Ten years after the 2008 crash, Brown warned that the UK, and the world, was “sleepwalking into the next crisis”. 

But because the policy response had never changed, the original crisis had never really gone away. It had got worse. 

In the cataclysm Brown foresaw, he predicted governments would “neither have the fiscal and monetary room for manoeuvre that we had in 2008, or the willingness to take that action”.

Willing or not, the Bank and the government were made to act by a global pandemic that forced them to conduct even more QE, and to lower interest rates even further. 

With monetary policy keeping financial markets on steroids, speculative investment led money towards whatever seemed to carry the most risk: companies with a failed business model, or ones that had actually gone bankrupt; a delicatessen in New Jersey run by the local wrestling coach somehow became a $100m business. 

Cryptocurrencies – a wasteful and expensive payment system with no intrinsic value – became a market for almost $3trn in unregulated investment.

World Bank’s Global Economic Prospects, published yesterday (7 June), points to the ostrich in the room: 

“Since 2010, the global economy has been experiencing the largest, fastest, and most synchronised debt wave of the past five decades amid a protracted period of monetary policy accommodation.”

central bankers are still holding out hope for a “soft landing”. And politicians are happy to let them do so, because the longer the ostrich keeps its head in the sand the more it can be made a scapegoat when the hurricane arrives. 

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Anybody can be decisive during a panic It takes a strong Man to act during a Boom.
World Of Finance

Anybody can be decisive during a panic It takes a strong Man to act during a Boom. 


“The businessman bought at ten & was happy to get out at twelve; mathematician saw his ten rise to eighteen, but didn’t sell because he wanted to double his ten to twenty”

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Its a Wizard of Oz moment This is ‘’Voodoo Economics’’
World Of Finance




Its a Wizard of Oz moment  This is ‘’Voodoo Economics’’ 




we have reached the point when the curtain was lifted in the Wizard of Oz and the Wizard revealed to be ‘’an ordinary conman from Omaha who has been using elaborate magic tricks and props to make himself seem “great and powerful”’’ 

The Curtain has been lifted and Mr. Powell has now arrived at his Volcker moment 

Deutsche Bank's Jim Reid notes that yesterday's surge in the 2-year US Treasury yield was, by one measure, "the biggest "shock" since October 1979 when Volcker announced his intentions on the world @ReutersJamie
The last time inflation was here, February 1982 - the Fed Funds Rate was 15%. @Convertbond
Dartmouth economist and former Fed adviser Andrew Levin says the Fed needs to get rates to a neutral setting within a year or so, and that the means getting the Fed Funds rates up to 4% or 5%




The worry is if Powell blinks 



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Currency Markets at a Glance WSJ
World Currencies

Euro 1.063400
Dollar Index 103.118
Japan Yen 133.5260
Swiss Franc 0.977755
Pound 1.248745
Aussie 0.71311
India Rupee 77.81305 
South Korea Won 1268.990
Brazil Real 4.9049
Egypt Pound 18.703500
South Africa Rand 15.410200 

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“But it is a curve each of them feels, unmistakably. It is the parabola'' Gravity’s Rainbow is a 1973 novel by Thomas Pynchon
World Of Finance


“But it is a curve each of them feels, unmistakably. It is the parabola'' 


“But it is a curve each of them feels, unmistakably. It is the parabola They must have guessed, once or twice -guessed and refused to believe -that everything, always, collectively, had been moving toward that purified shape latent in the sky, that shape of no surprise, no second chance, no return.’’

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Sunday, April 10, 2022 Apocalypse Now “But it is a curve each of them feels, unmistakably. It is the parabola''
Food, Climate & Agriculture


Sunday, April 10, 2022 Apocalypse Now “But it is a curve each of them feels, unmistakably. It is the parabola''


Food prices are soaring at a record pace, rising another 13% in March. @lisaabramowicz1
“But it is a curve each of them feels, unmistakably. It is the parabola They must have guessed, once or twice -guessed and refused to believe -that everything, always, collectively, had been moving toward that purified shape latent in the sky, that shape of no surprise, no second chance, no return.’’
Gravity’s Rainbow is a 1973 novel by Thomas Pynchon
The consequences for global stability are now unfathomable.

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May 29 It is also clear that Putin is seeking a quid pro quo between easing the Food situation with a removal of sanctions.
Food, Climate & Agriculture


May 29 It is also clear that Putin is seeking a quid pro quo between easing the Food situation with a removal of sanctions. 


The UNFAO Food Index sits just under a record reached in March this year. 

Liz Truss accused Russian President Vladimir Putin of holding the world to ransom over food, responding to a question about whether she supported lifting sanctions in exchange for grain exports from Ukraine.

"What we cannot have is any lifting of sanctions, any appeasement, which will simply make Putin stronger in the longer term," Truss said.

The Question is whether there is an appetite for a quid pro quo because if there is not, then we are going to see another serious spike. 

When everything is financialized, everything can be managed and controlled. (Until it can't.) @TFMetals

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he key challenge for most of the Global South is to avoid default: @TheCradleMedia
Africa


The key challenge for most of the Global South is to avoid default: @TheCradleMedia



“The US raise in interest rates has increased the dollar’s exchange rate not only against the euro and Japanese yen, but against the Global South and other countries. 

This means that much more of their income and export revenue must be paid to service their foreign debt – and they can avoid default only by going without food and oil. So what will they choose? 

The IMF may offer to create SDRs to enable them to pay – by running even further into dollarized debt, subject to IMF austerity plans and demands that they sell off even more of their natural resources, forests and water.”

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#Africa's food crisis worsened by international fish poaching @michaeltanchum
Africa



🌍🎣 Africa's marine fishing is worth over $24 billion, most of which Africans never see.

➡️40% of all fishing off West Africa's coast is done illegally

➡️Much of Africa's fish ends up feeding 🇨🇳Chinese livestock instead of Africans

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Turkey is becoming an increasingly important actor in Africa: @AfricaCarnegie
Africa


Turkey is becoming an increasingly important actor in Africa: @AfricaCarnegie



1⃣Number of embassies—12 in 2002, 43 in 2021
2⃣Total trade volume—$5.4 billion in 2003, $25.3 billion in 2020
3⃣Value of contracts in Africa—$71.1 billion

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Algeria suspends Spain treaty, bars imports over Western Sahara @Reuters
Africa


Algeria suspends Spain treaty, bars imports over Western Sahara @Reuters


Algeria suspended a 20-year-old friendship treaty with Spain that committed the two sides to cooperation in controlling migration flows, and also banned imports from Spain, escalating a row over Madrid's stance on Western Sahara.

Algeria was angered when Spain said in March it supported a Moroccan plan to offer autonomy to Western Sahara. 

Algeria backs the Polisario Front movement seeking full independence for the territory, which Morocco regards as its own and mostly controls.

Algeria is a key gas supplier to Spain, but Algerian President Abdelmadjid Tebboune has previously said he would not break the supply contract over the row.
Spanish Foreign Minister Jose Manuel Albares said there was no indication that had changed and Spanish Energy Minister Teresa Ribera said Algeria's gas supply conduct had been exemplary.
Algeria is expected to review prices for any new gas contract with Spanish firms, a source familiar with the matter told Reuters. 

The current contract is long-term with prices well under the current market level, the same source, who asked not to be identified, said.

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The number of South African children younger than nine admitted to hospital with Covid-19 has overtaken the proportion of patients aged over 80 for the first time, the country’s biggest health insurer Discovery said.
Africa


The number of South African children younger than nine admitted to hospital with Covid-19 has overtaken the proportion of patients aged over 80 for the first time, the country’s biggest health insurer Discovery said.


During South Africa’s fifth wave of coronavirus infections from April 13 to May 27, 17% of all Covid-19 related admissions were children in that age group, Johannesburg-based Discovery Health Ltd. said in a statement sent to Bloomberg that detailed the results of a study of its members. 

That exceeded admissions for people older than 80 by five percentage points. 

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Dollar Squeeze, Accelerating Inflation Pummel Ethiopian Currency @BNNBloomberg
Africa


Dollar Squeeze, Accelerating Inflation Pummel Ethiopian Currency @BNNBloomberg 



Surging inflation and a shortage of hard currency in Ethiopia are driving up the price of US dollars on the black market and spurring increased use of cryptocurrencies.
The birr traded at 82 per dollar on the informal market on June 6, down 26% since the start of last month, according to two traders in the capital, Addis Ababa, who asked not to be identified for fear of reprisals by the authorities

The Ethiopian currency’s official rate is currently 52 birr per dollar. 
The central bank this week said it’s detected a rise in the use of cryptocurrencies and other virtual assets, some of which “are being used for illicit financial flows and money laundering.” 
''A shift away from formal currency trading channels undermines the National Bank of Ethiopia’s “ability to conduct monetary policy and retain its traditionally tight control of the foreign-exchange market,” said Connor Vasey, an associate at Eurasia Group. 

“It would also worsen dollar illiquidity issues, which have always been pervasive,” because the government has tightly controlled the market, he said. 
Consumer prices rose an annual 37% in April, mainly driven by soaring food and fuel costs, latest available data from the Central Statistics Agency show, and costs have continued to rise as Russia’s war with Ukraine grinds on. 

The government has made spending cuts to try to counter price pressures and reduced foreign-exchange allocations to the private sector, forcing increased numbers of importers to tap the informal market. 
A civil war that broke out in late 2020 and cost Ethiopia donor support and its duty-free access to US markets has added to pressure on the currency, as have supply-chain disruptions stemming from the coronavirus pandemic and a devastating drought.
The foreign-currency squeeze is translating into a shortage of products such as cooking oil, and stock-outs are expected to worsen as businesses hoard dollars in anticipation of it becoming ever more difficult to import, according to Irmgard Erasmus, an economist at Oxford Economics Africa

She warned that maintaining an artificially high birr exchange rate will undermine the competitiveness of Ethiopian exports.  
Eurasia’s Vassey said the government itself should be able to “muddle through” foreign exchange shortages by ensuring it has enough hard currency to meet its own needs, but its market interventions will be at the expense of the private sector and the longer they persist, the greater the damage to the economy. 
“The government could accelerate the controlled depreciation of the birr but the immediate effect would be an inflationary spike,” he said. 

“Tight control of the foreign exchange market and a closed capital account are both key pillars of Ethiopia’s traditional coping mechanisms. For now the government’s options are limited and it looks as though it will just need to ride out the current storm with the tools it has.”

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Kenyan eurobonds yields rose this week with KENINT 8 05/22/2032s hitting 10.88%. @TellimerHQ @MwangoCapital
Kenyan Bonds - Long Term


Kenyan eurobonds yields rose this week with KENINT 8 05/22/2032s hitting 10.88%. @TellimerHQ @MwangoCapital


This is due to:

🟥Debt ceiling being raised from KES 9T to KES 10T.
🟥Presidential aspirant 
@RailaOdinga
 saying he will aggressively pursue debt relief negotiations if elected.

Conclusions

Banks are limit long GOK and mark to markets are going to be seriously problematic at the HY mark.  

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Treasury cancels Sh115bn Eurobond, eyes bank loans @BD_Africa
Kenyan Economy


Treasury cancels Sh115bn Eurobond, eyes bank loans @BD_Africa 


Kenya has cancelled the issuance of a Sh115 billion ($1 billion) Eurobond and will instead borrow from a syndicate of banks after the Treasury received bids priced at 12 percent.
Treasury Cabinet Secretary Ukur Yatani said Eurobonds had become expensive in the wake of Russia’s invasion of Ukraine forcing Kenya to reconsider issuing a bond.
Kenya had picked Citi and JP Morgan as joint book-runners for a dollar-denominated sovereign bond issue this year but stalled after the loans became too pricey.

“Last year we borrowed at six percent, right now it stands over 12 percent and this is no longer feasible. That is why we are still exploring options to look at a number of banks that can advance us the money at a cheaper rate, a figure more or less than a figure of last year, an average of six percent,” he said.

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by Aly Khan Satchu (www.rich.co.ke)
 
 
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June 2022
 
 
 
 
 
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