The EMTA Africa Focus Portal provides a central resource point for banks, investors and multilaterals involved in African debt and fx/currency derivatives and the economic development and growth of African markets.
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EMTA Africa Focus Archive
EMTA AFRICA FOCUS
March 2013 - EGP/USD Rate Source Definition Revised
Recent events in Egypt necessitated a review, with an eye toward revision, of the EGP FEMF (EGP01) rate source definition included in Annex A of the 1998 FX and Currency Option Definitions. This rate source is the primary rate source recommended by EMTA for EGP/USD NDFs. Earlier this year, the quoting entity for this rate ceased publishing a rate at 12:00 pm and began publishing rates at 11:30 am and 12:30 pm, as well as at 2:00 pm. This threw into disarray the rate source definition as currently drafted, necessitating an immediate intervention to avoid market confusion. EMTA’s EGP NDF Working Group began an effort to develop an alternate formulation of the rate source definition which would reflect the group’s viewpoint on which of the rates during the day provided the optimal “fix” as well as building in flexibility going forward should the times change again. A revised definition was prepared and circulated to the FXC and ISDA for review. Until such time as the new rate source definition was finalized and applied to trades, the group determined to adhere to the construct in the current definition and use the 2:00 pm rate as the fixing rate in the absence of a rate being available at 12:00 or 1:00.
On March 25, the new rate source definition was made effective and EMTA issued its FX and Currency Derivatives Market Practice No. 67 to accompany and explain the revisions. This market practice recommends that effective March 25, the EMTA Template Terms for EGP/USD Non-Deliverable Forward FX and Currency Option Transactions incorporate the revised definition. In addition, to accommodate those EMTA members wanting to amend outstanding transactions to incorporate the revised definition, EMTA agreed to host a multilateral amendment. EMTA published a form of a multilateral amendment agreement to facilitate the amendment of trades among EMTA members (only), as well as a form of bilateral amendment agreement which can be used by EMTA members to amend trades bilaterally with customers or non-EMTA members. These documents, along with instructions on how to sign the multilateral amendment, are on the EMTA website.
Members Only may CLICK HEREto view the new Market Practice, CLICK HEREto view the new definition and CLICK HEREto view the forms of amendment and the instructions.
November 2012 - Cote d'Ivoire Consent Solicitation Update
Press Release announcing that the requisite consents have been obtained in connection with the previously announced solicitation of consents of holders of Ivory Coast's U.S. Dollar Denominated Step-Up Bonds due 2032 (ISINs—Reg. S: XS0496488395; 144A: XS0496608984)
October 2012 - Cote d'Ivoire Presentations
Republic of Cote D'Ivoire Presentations - in English and French.
September 2012 - Cote d’Ivoire Informs EMTA Members that It Will Make June 2012 Payments
The Finance Minister of the Cote d’Ivoire asked EMTA to forward to its Members on June 14 a Communiqué in which it confirmed its instruction to its trustee paying agent to transfer US$43,727,793.75 in respect of the June 30, 2012 coupon payment on the 2032 bonds, as well as a ‘good faith’ payment of US2,098,934.10, representing 2.4% of the total amount due in respect of the December 31, 2010, June 30, 2011 and December 31, 2011 coupon payments in arrears. Click Here for the full text of the Republic’s Communiqué.
Also, on July 5, the Finance Minister asked EMTA to forward to its Members a Communiqué in which it stated that it “will make a reimbursement proposal to the holders of the 2032 Bonds in respect of the outstanding balance” owing. Click Here for the full text of the Republic’s Communiqué.
When the first interest payment was not made on December 31, 2010, EMTA, upon the expiration of the 30-day grace period, issued a recommendation for flat trading of the bonds, beginning on February 1, 2011. Click Here for the full text of this Market Practice recommendation, which remains in effect despite the anticipated June 30 payment (and Click Here for the most recent EMTA affirmation of its flat trading Market Practice recommendation).
EMTA had circulated other memoranda to its Members at the request of the Cote d’Ivoire government on January 10, 2011, April 29, 2011, June 1, 2011, July 8, 2011, November 21, 2011 and January 13, 2012. From time to time, EMTA has also circulated communiqués from other EM governments, at their request, detailing information about restructurings or other information of interest to the investment community.
For further information, please contact Aviva Werner at awerner@emta.org.
EMTA Africa Focus Archive
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MARKETS
New Developments:
Africa (Region)
Algeria
Angola
Republic of Congo
Cote d'Ivoire
Egypt
Ghana
Libya
Morocco
Nigeria
South Africa
Sudan
Tunisia
Zambia
Key Industry Views:
Africa All
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EMTA AFRICAN CURRENCY WORKING GROUP
In 2009, EMTA constituted a working group to address needs in the African FX markets. A small group of EMTA members with interests in the African market joined. The group initially discussed the best approach and determined that sequentially addressing the various local markets with a view toward the development of a consistency of approach made sense, and Nigeria was identified as the first focus for the group. A number of other markets with a rough priority among them were discussed. After setting standard terms and market practice for Nigeria NDF trading, the group moved on to the Egyptian FX markets and then more recently has produced a package of documentation for the Ghanaian Cedi. Other issues have been addressed by the group which has grown over time. EMTA Members with an interest in these markets who wish to participate in an active working group are invited to participate.
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EMTA WORKSHOPS AND WHITE PAPERS
EMTA Talking Points on Proposed Laws to Mandate Debt Relief
February 26, 2010.
EMTA - Thomson Reuters Africa Forum
London, November 20, 2009.
EMTA Submission and Analysis in response to proposed UK Debt Relief Legislation
October 9, 2009 and updates.
EMTA Africa Workshop: "Financing African Development Post-HIPC: What Role for the Private Sector?"
London, November 5, 2007. Workshop Report.
Focus on Africa: The Nigerian Financial Markets
London, November 10, 2006.
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LITIGATION
AF-Cap v. Congo
AF-Cap, Walker Int'l and Nat'l Union Fire Insurance Co. of Pittsburgh v. Congo and Congo Holdings Inc.
Barbados Trust Company Ltd. v. Bank of Zambia Amicus Brief (EMTA)
Donegal International Ltd. v. Republic of Zambia and ANR
FG Hemisphere Associates v. Congo
Kensington International Limited v. Congo
Kensington International Limited v. Societe Nationale des Petroles du Congo, BNP Paribas, et al.
National Union Fire Insurance Co. v. Congo
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INSTITUTION LINKS
Algeria
Central Bank | Ministry of Finance | Stock Exchange
Angola
Central Bank | Ministry of Finance
Democratic Republic of Congo
Central Bank | Stock Exchange
Republic of Congo
Central Bank | Ministry of Finance
Cote d'Ivoire
Central Bank | Ministry of Finance | Stock Exchange
Egypt
Central Bank | Ministry of Finance | Stock Exchange
Ghana
Central Bank | Ministry of Finance | Stock Exchange
Kenya
Central Bank | Ministry of Finance | Stock Exchange
Libya
Central Bank | Stock Exchange
Morocco
Central Bank | Ministry of Finance | Stock Exchange
Nigeria
Central Bank | Ministry of Finance | Stock Exchange
South Africa
Central Bank | Ministry of Finance | Stock Exchange
Sudan
Central Bank | Ministry of Finance | Stock Exchange
Tunisia
Central Bank | Ministry of Finance | Stock Exchange
Zambia
Central Bank | Ministry of Finance | Stock Exchange
Zimbabwe
Central Bank | Ministry of Finance | Stock Exchange
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CONTACT US
If you are interested in learning more about EMTA's Africa Focus activities, please contact Leslie Payton Jacobs (lpjacobs@emta.org).
Africa Focus Portal Navigation
Fixed Income - Africa
FX and Currency Derivatives Documentation - Africa
Africa Focus Archive
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