Ghana puts planned US$1bn Eurobond on holdTz is also on the handbrake on their eurobond. Angola has been listing theirs since 2009... Is KE going this way?
Ghana has already seen the global market mood is not worth fighting with as well as Poland.
@scubidu - I'm not aware of
www.futuresfirst.com. But looks interesting.
As for the eurobond float the back and forth by gok doesn't show any confidence and I expect the domestic bond market to squeeze them properly. The longer they wait the higher the USD rate will get as Fed bank keep the taper pressure on draining off liquidity. Paying a eurobond rate above 8% will be a senseless move. If or when the market senses gok is out of options by budget time, KES will be squeezed at some point and that will shave NSE as domestic bonds hog liquidity.
- inflation is ticking up post VAT (senseless move together with that excise tax on mobi money)
- food security, not as tense as 2011
- industrials fin results are looking bad. 2014 will be tougher if liquidity is hogged.
- if industrials are tapped out how will the banks post rosy results in 2014? How will they deal with the bulging NPLs?
- how will KES maintain strength when the econ starts squeaking loudly.
I'm waiting to see how long this pretext show will last as I see NSE has outpriced the econ should things unravel as per above observations.
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!