| 1 | USD INDEXED BOND
MATURITY 2020 - 2023
COSTS 1,50%
| 2 | BNI TERM DEPOSITS
6M 12M
100K - 5M
>5M - 50M
>50M - 100M
100M+
AMOUNT 1M 2M 3M
10,90%
11,40%
11,90%
12,40%
11,05%
11,55%
12,05%
12,55%
11,20%
11,70%
12,20%
12,70%
11,35%
11,85%
12,35%
12,85%
11,50%
12,00%
12,50%
13,00%
01 05 CROSS CURRENCY MATRIX
BNI: INVESTMENT OPPORTUNITIES
13th January 2020
Source: XECurrency
0602
Graphic 2 | Source: Bloomberg Source: XECurrency
MARKET ANALYSIS0703
MARKET BULLETIN
BOND MARKET04BT - Treasury Bills
BT - Treasury Bills
BT - Treasury Bills
OTX - Bonds Indexed to USD
OTX - Bonds Indexed to USD
OTX - Bonds Indexed to USD
91 DAYS
182 DAYS
364 DAYS
3 YEARS
4 YEARS
5 YEARS
16,15%
20,25%
23,90%
7,00%
7,50%
7,75%
This week, In order to ensure the timely execution of the sale of foreign currency and related operations to its clients, BNA established, by Instruction No. 01/2020 of 10 January, a maximum period of 5 working days for the execution of these operations by commercial banks. In addition, the central bank of Angola has ordered state lender Banco de Poupança e Credito (BPC) and Banco Economico (BE) to increase their capital levels to meet the minimum requirement after conducting a sector assessment. While the asset quality analysis of 13 banks showed that the "system is globally robust," most lenders need to improve their credit risk procedures, the central bank said in a statement on its website.
Global bond traders who ventured into Africa this year reaped rich rewards. The continent's dollar sovereign debt has generated total returns of 20% since early 2019, more than any other region in emerging markets (Graph 1). If the world's leading central banks remain pessimistic by 2020, it should sustain a race for higher yields in emerging markets which means that African bonds will remain in high demand.
President Donald Trump was wrong last week when he said the US does not need oil from the Middle East. US imports of Persian Gulf oil fell with the shale boom, but still averaged 875,000 barrels per day in 2019 (Graph 2).
If the mere prospect of an interruption in Persian Gulf oil flows has the power to inflate US gasoline prices (Graph 3), imagine what a real stop in imports would do. No president would want that risk during an election year. BNI - Direcção Financeira Internacional
CERTIFICAÇÃO INTERNACIONAL DE QUALIDADE
BNI - Banco de Negócios InternacionalAvenida Che-Guevara nº 42 - A, Bairro Maculusso, Distrito da Ingombota. Caixa Postal 578. Luanda - AngolaTel: (+244) 222 632 900 / (+244) 222 632 901 / Fax: (+244) 222 371 887
www.bni.ao
PASSION FOR ANGOLA.To realise, develop and participate in Angola’s growth.This is where we apply our passion. To always do better.
Graphic 1 | Source: JPMorgan Chase & Co. Index
Graphic 3 | Source: American Automobile Association
U.S RETAIL GASOLINE PRICES
RUPEPay your taxes in BNIquickly and conveniently.
RETURNS ON SOVEREIGN DOLLAR BONDS (2019)
AOA
USD
GBP
EUR
ZAR
1 00000,
0,00207
0,00159
0,00186
0,02960
484,216
1,00000
0,76897
0,89859
14,3307
629,691
1,30043
1 00000,
1,16856
18,6361
538,863
1,11286
0,85576
1,00000
15,9480
33,7888
0,06978
0,05366
0,06270
1,00000
1 AOA 1 USD 1 GBP 1 EUR 1 ZAR
US. CRUDE IMPORTS FROM THE MIDDLE EAST
Middle East Latin America EmergingAsia
EmergingMarkets
EasternEurope
Africa
20
15
10
05
0
Africa20.07%
Sep2019
Oct Nov Dec Jan2020
2.70 a barrel
2.65
2.60
2.55
2.50
Attack on Saudioil facilities
Iran vows revengefor Soleimani Killing
2.0 million barres a day
1.5
1.0
0.5
0
2013 2014 2015 2016 2017 2018 2019
from Saudi Arabia from Iraq from Kuwait from U.A.E