Pan African Monitor

Weekly Wrap & Outlook March 12, 2021

Anglophone West Africa Looking Forward

Ghana • Nigeria CPI—16th Mar • The Ghanaian statistical service released its inflation estimates for February-2021 showing that headline consumer inflation spiked 40bps to West Africa 10.3% in February 2021. N igeria • To plug the deficit in its 2021 budget, Ghana will embark on a roadshow GDP 0.1% next week to raise $5.0bn in Eurobonds from the international capital Inflation 16.5% markets. • The Chamber of Bulk Oil Distributors (CBOD) has revealed that the MPR 11.5% government lost GHS 1.9bn ($33mn) to petroleum tax evasion in 2019. External Reserves ($) 34.7bn • In a State of the Nations Address (SONA) in parliament on Tuesday, the Ghana President of Ghana stated that he expects the GDP growth in 2021 to GDP -1.1% rebound by 5% y/y. Ghana’s growth was estimated at 0.9% in 2020, amid Covid-19 pandemic. Inflation 10.3% • The Bank of Ghana yesterday (11/03/2021), in a circular addressed to MPR 14.5% banks, specialized deposit-taking institutions and the public, reiterated External Reserves ($) 8.6bn the consequences of issuing dud cheques. Senegal

Gambia GDP 0.7% • The Gambia's Central Bank issued a 91-day, 184-day, and 364-day Inflation 1.7% treasury bills( Sukuk-Al-Salaam Bills) to investors. Ivo ry C o ast • Stop rates closed at 5.3%, 2.09% and 5.3% for the 91-day, 184-day and GDP 0.7% 364-day bills, respectively. Inflation 2.3% Nigeria M ali • The Managing Director of the Nigeria Export-Import Bank (NEXIM Bank), GDP -0.7% Mr Aba Belllo, stated that the solid minerals sector would increasingly Inflation 2.5% realise the benefits of NEXIM’s intervention over the next few years. Nigeria houses an endowment of over 34 solid minerals. Sources: Bloomberg, Central Bank of West African • In the past week, the National Bureau of Statistics (NBS) released its terms States (BCEAO), Trading Economics, United Capital Research of trade report for FY-2020. • The report showed that total trade in merchandise declined by 10.4% in FY-2020. • Overall, Nigeria’s trade balance closed at a deficit of N7.3bn, its highest deficit since the last recession in 2016. • Data from the Nigeria Interbank Settlement System (NIBBS) showed that the volume of transactions carried out on the electronic bill payment platform fell 8.9% m/m to 92,571 in February 2021, from 101,578 in January 2021. • United Bank for Africa Plc (UBA) released FY-2020 earnings. Notably, Gross earnings grew by 10.8% to N620.4bn from N559.8bn and Profit after tax rose remarkably by 27.7% y/y to N113.8bn compared to N89.1bn recorded at the end of 2019. • However, The Bank paid a final dividend of N0.52 for the year end FY- 2020, down 35% from N0.80 paid in FY-2019. • Ahead of listing, The Nigerian Stock Exchange (NSE) has completed its demutualization process with SEC and CAC’s approval. • Under the demutualization plan, a new operating holding company, the Nigerian Exchange Group plc ‘NGX Group’ would exist as the parent company of the NSE going forward.

1 Regional Macroeconomic Update

Francophone West Africa (WAEMU) Looking Forward

• Q4-2020 Kenya PPI Ivory Coast • Q4-2020 Rwanda GDP Report—12 Mar • Ivory coast’s ruling party retained its parliamentary majority in elections held last weekend, bolstering President Alassane Ouattara’s hold on East Africa power five months after securing a third term in the presidential elections. Kenya • The ruling Rally of Houphouetists for Democracy and Peace Party (RHDP) GDP -1.1% won 137 out of 247 seats. Inflation 5.8% • On a bleak update, the Ivory Coast Prime Minister Hamed Bakayoko died on Wednesday (10/03/2021) in Germany of cancer at age 56. MPR 7.0% • The Ivorian President, Alassane Ouattara had already named his close External Reserves ($) 7.6bn confidant and chief of staff, Patrick Achi, as interim prime minister, two days before Bakayoko’s death. Uganda GDP -2.2% Senegal Inflation 3.8% • In Senegal, protests have continued for the second week running following the arrest of opposition leader Ousmane Sonko last week. MPR 7.0% External Reserves ($) 3.5bn T anzania East Africa GDP 4.5%

Rwanda Inflation 3.3% • The All-Rwanda sub-index inflation rate slowed to 2.2% y/y in February MPR 5.0% from 3.5% y/y in January – the lowest reading since mid-2019. • Rwanda has vaccinated at least 228,854 people countrywide against External Reserves ($) 5.0bn coronavirus almost a week since it launched the exercise. M o zambique • African Development Bank Provides $1.0mn for Ai-Based National GDP -2.4% Customer Management Systems in Ghana, Rwanda and Zambia Inflation 5.1% Uganda MPR 16.3% • Uganda consumer price inflation ticked higher to 3.8% y/y in February, External Reserves ($) 3.9bn up 0.1 ppt from January, on rising core and food price inflation. • Meanwhile, the energy, fuels and utilities sub-index remained in Sources: Bloomberg, Trading Economics, United deflationary territory due to a decline in charcoal price and lower Capital Research domestic pump price. • Uganda’s fiscal deficit for January exceeded the budgeted amount by 57.1%, as tax revenues fell and foreign aid dried up in the period surrounding turbulent elections. • More than 300 individuals from different priority groups received the first dose of Covid-19 vaccine as Uganda started the long-awaited vaccination drive

Kenya • S&P downgraded Kenya’s long-term foreign and local currency credit ratings to B from B+ as fiscal and external pressures continue to intensify. • In Kenya, private sector activity growth slumped to an 8-month low with PMI dropping to 50.9 points in February from 52.3 points in January as weak cashflow weighed on business and household spending

2 Regional Macroeconomic Update

Southern Africa Looking Forward

South Africa • Angola Feb CPI—16 Mar • On Thursday, Manufacturing data for January was released showing that seasonally adjusted manufacturing production rose by a marginal Southern Africa 0.5% m/m but declined 34.0% y/y. S/ A frica We note that last week, manufacturing PMI data for February was • GDP -4.1% released and poses possibility of a decent rebound in manufacturing activities in February. Inflation 3.2% • Activities in the mining sector continues to remain soft as mining output MPR 3.5% fell by 6.2% y/y in January marking the 11th consecutive month of External Reserves ($) 53.8bn decline in overall industry production. A ngo la • In more economic data, trade data for Q4-2020 showed a decline in current account surplus albeit still one of the largest current account GDP -5.8% surpluses on record. The current account surplus slipped to R197.8bn in Inflation 24.4% Q4-2020 from R294.4bn in Q3-2020. This translates to 3.7% of South- MPR 15.5% Africa’s GDP from 5.9% in Q3-2020. External Reserves ($) 8.8bn • The RMB/BER Business Confidence Index slipped to 35 points in Q1-2020 as sentiments across the core five sectors surveyed deteriorated. Z ambia • South Africa recorded real GDP contraction of -4.1% y/y during Q4-2020 GDP -2.6% with only three sectors (Agriculture, Personal Services & Government Services), recording higher output in Q4-2020 relative to Q4-2019. Inflation 22.2%

Zimbabwe MPR 8.5% • Zimbabwe consumer price inflation slowed to 321.6% y/y in Feb-2020 but External Reserves ($) 1.2bn remains at very distressing levels. • The Medicines Control Authority of Zimbabwe (MCAZ) has approved the Z imbabwe use of four vaccines in Zimbabwe. GDP -6.5% • MCAZ admonished companies who intend to purchase vaccines to purchase from the registered names. Approved vaccines includes Inflation 321.6% Sinopharm and Sinovac from China, Covaxin from India, and Russia's Sputnik V. MPR 40.0% Sources: Bloomberg, United Capital Research Angola • The Angolan Development Bank (ADB) has announced a grant of AKZ2.2bn to eight companies in Huambo province, as part of the Economic Relief Programme. • The International Monetary Fund (IMF) has lauded Angola’s economic reform efforts stating the economy is poised to rebound from recession in 2021, growing by 3.2%, while also improving its budget deficit from 2.8% of GDP to 0.1% this year.

Mozambique • On Thursday, February inflation data for Mozambique was released as inflation surged to a 3-year high of 5.1% driven by jump in prices of Food, Electricity and Cooking gas.

Zambia • The African Development Bank (AfDB) has approved a grant of $1.0mn for AI-enabled systems to process customer complaints on behalf of the Competition and Consumer Protection Commission of Zambia alongside the national banks of Rwanda and Ghana.

3 Regional Macroeconomic Update

Central Africa (CEMAC & Congo DRC) Central Africa C amero o n Cameroon GDP -1.1% • Cameroon’s Trade deficit improved slightly to XAF1,375.0bn compared Inflation 2.4% with the XAF1,464.2bn deficit recorded in 2019, according to the MPR 3.3% National Institute of Statistics (INS). C had • To reduce import dependence, the government has begun the implementation of an import-substitution policy, which is mapped out in GDP 2.4% the 2020-2030 National Development Strategy (SND30). Inflation 4.5% • According to the Professional Association of Credit Institutions of MPR 3.3% Cameroon (Apeccam), the volume of loans granted to businesses and Gabo n individuals increased by 6.7% y/y in 2020, despite the pandemic. Bad GDP 3.4% debts, however, rose from 15.8% in 2019 to 16.6% in 2020. • Cameroon’s government has invested XAF10.2bn for the construction of Inflation 2.0% a cotton ginning plant in Gouna, Far North Cameroon to be completed MPR 3.3% in 2022. The project is expected to create jobs for young women and Congo Brazzaville men and will help gin a substantial part of the country’s cotton GDP 2.2% production surplus. MPR 3.3% • Union Bank of Cameroon revealed that its 2020 accounts saw an overall improvement in its performance with revenue which grew by 9% while C o ngo D R C deposits rose by a record 18% year-on-year. GDP 4.6% Inflation 22.0% DRC MPR 3.3% • Since January, the DRC has recorded and liquidated between $13.0mn and $17.0mn in mining royalties per week. The minister also highlighted 2 Sources: Bloomberg, BEAC, United Capital Research key projects to increase expected turnover from the mining sector; COMIKA metallurgical plant project in Kambove in Haut-Katanga and KAMOA project in Lualaba. • Congo is poised to benefit significantly from the surge in metal prices. • The DRC’s Minister of Mines also announced that 1,587,459.3 tons of copper were exported in 2020, and 85,855.6 tons of cobalt. • The Biden administration has reversed a sanction waiver against Israeli mining magnate Dan Gertler granted in the last days of the Trump administration. Sanctions were initially enforced after a string of illicit transactions that had short-changed the Congo of more than $1.3 billion in revenues from mining sales.

Gabon • The Gabonese government is planning to sell more shares of its c. 49.0% stake in Moov Africa Gabon Télécom. • According to reports, the country’s parliament has now authorized the state to sell its stakes in Moov, as well as the Gabon Energy and Water Company (SEEG).

4

Pan African Monitor

Macroeconomics | Equities | Fixed Income | Currencies | Commodities March 12, 2021 Px_Last CHG_PCT_1D CHG_PCT_WTDCHG_PCT_YTD PE_Ratio EQY_DVD_YLD_12MPx_to_book_ratio Equities Level Mcap ($'bn) WTD (local) YTD (local) P/E P/B Div. Yield BGSMDCBotswana Index 6,603.0 3.2 -0.7% -4.0% 9.5 1.2 5.6% ICXCOMPBRVM Index 139.7 7.8 0.1% -3.9% 8.8 1.2 6.8% EGX30Egypt Index 11,261.4 24.4 -0.6% 3.8% 13.3 1.5 2.6% GGSECIGhana Index 2,214.9 10.0 0.3% 14.2% 14.8 1.2 nm NSEASIKenya Index 162.9 22.5 0.7% 7.1% 11.9 1.7 2.4% SEMDEXMauritius Index 1,579.1 4.7 0.1% -4.2% na 0.3 1.0% MOSENEWMorocco Index 11,351.0 65.1 0.0% 0.6% 24.1 2.4 3.2% FTN098Namibia Index 1,414.2 132.7 -0.1% 14.8% 20.9 1.7 2.8% NGSEINDXNigeria Index 38,707.9 49.8 -1.6% -3.9% 14.6 1.8 4.8% JALSHSouth AfricaIndex 68,775.1 1,133.1 0.7% 15.8% 24.5 2.1 2.4% DARSDSEITanzania Index 1,869.6 10.9 1.5% 2.9% 8.2 1.0 4.7% TUSISETunisia Index 6,821.0 6.8 0.8% -0.9% 18.8 2.2 0.6% UGSINDXUganda Index 1,388.7 NM 2.3% 6.0% na na na LUSEIDXZambia Index 3,949.0 0.0 -0.6% 0.9% 1.3 0.0 7.5% ZHIALLSHZimbabwe Index 4,640.9 NM 2.7% 76.0% na na na MXWOGlobal Index Market 2,806.1 107,907.3 2.8% 4.3% 34.2 3.0 1.7% MXFMFrontier Index Market 573.1 -- 0.5% 0.3% 14.9 1.9 3.1% MXEFEmerging Index Market 1,357.6 -- 1.4% 5.1% 24.7 2.1 1.9%

Dollar Eurobonds Amt Out ($'bn) Average YTM WTD YTD Movements in Global Indices Vs Angola 8.0 8.1% -0.20% 0.9% Africa Egypt 30.2 5.7% -0.02% 0.2% Ghana 11.0 6.7% 0.10% -0.6% Iv ory Coast 4.6 4.7% -0.02% -0.7% Kenya 6.1 5.6% 0.12% -0.6% Morocco 2.3 2.9% -0.01% -0.2% Nigeria 11.2 5.7% -0.05% -0.5%

Senegal 2.9 5.1% 0.00% 0.5% Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 GHSSouth BGN Africa Curncy 20.0 4.6% -0.06% -0.2% MSCI World S&P 500 Zambia 3.0 36.0% 4.18% 17.7% FTSE 100 MSCI Africa

Currencies (vs. USD) Spot Rate WTD MTD YTD 6M Forward 12M Forward AOAAngola BGN Curncy AOA: Kwanza 621.0 0.1% 2.0% 4.6% na na XAFCameroun BGN Curncy XAF: Franc 549.0 0.3% -1.2% -2.6% 0.0 0.0 EGPEgypt Curncy EGP:Pound 15.7 -0.2% 0.0% 0.3% 16.5 17.3 XAFGabon BGN Curncy XAF: Franc 549.0 0.3% -1.2% -2.6% 0.0 0.0 GHSGhana BGN Curncy GHS:Cedi 5.7 -0.1% 0.3% 2.3% 6.1 6.6 GNFGuinea BGN Curncy GNF: Franc 10,099.0 0.2% 0.5% -1.1% 0.0 0.0 KESKenya BGN Curncy KES: Shilling 109.7 0.0% 0.1% -0.4% na na LRDLiberia CMPN Curncy LRD: Dollar 173.9 0.0% -0.9% -5.5% 0.0 0.0 MURMauritius BGN Curncy MUR: Rupee 40.1 0.2% -0.7% -1.1% na na MADMorocco BGN Curncy MAD: Dirham 9.0 0.5% -0.6% -0.9% 9.0 9.1 MZNMozambique BGN Curncy MZN: Metical 74.5 0.0% 0.3% 0.2% 0.0 0.0 NADNamibia BGN Curncy NAD: Dollar 15.0 2.6% 1.0% -1.8% 0.0 0.0 NGNNigeria BGN Curncy NGN: Naira 407.7 0.6% 0.3% -2.4% 439.9 464.4 SLLSierra BGN Leone Curncy SLL: Leone 10,197.4 0.1% 0.1% -1.0% 0.0 0.0 ZARSouth BGN Africa Curncy ZAR: Rand 14.8 3.6% 1.1% -1.8% 15.0 15.0 TZSTanzania BGN Curncy TZS: Shilling 2,313.3 na na na 0.0 0.0 TNDTunisia BGN Curncy TND: Dinar 2.7 -0.2% -1.1% -2.0% na na UGXUganda BGN Curncy UGX: Shilling 3,666.1 -0.2% 0.0% -0.2% 0.0 0.0 ZMKZambia BGN Curncy ZMK: Kwacha 21,965.0 -0.2% -0.8% -3.6% 0.0 0.0 ZWLZimbabwe CMPN Curncy ZWL: Dollar 84.0 -0.1% -0.1% -2.6% 0.0 0.0 XOFWAMU BGN Curncy CFA: Franc 547.3 0.1% -1.3% -2.5% na na

Sources: Bloomberg, United Capital Research Prices as at Thursday 11th March 2021

5 GC1 COMB Comdty

Pan African Monitor

Macroeconomics | Equities | Fixed Income | Currencies | Commodities March 12, 2021 Commodities Spot Rate WTD MTD YTD 52 Week High 52 Week Low Brent Crude USD/bbl. 69.6 0.4% 4.6% 33.6% 71.4 16.0 Gold USD/ t oz 1,722.6 1.4% -1.1% -9.8% 2,063.0 1,450.9 Copper USD/lb. 414.3 1.4% 0.3% 16.7% 436.3 206.0 Cocoa USD/MT na ------2,870.0 2,115.0

Macro & Fixed Income 10Yr Bnd Yld Inflation Real Return Policy Rate *GDP ($'b) **GDP Growth Reserves ($'b) Angola 8.8% 1.8% 7.0% 18.0% 88.8 -8.1% 15.4 Benin Republic 6.8% 3.2% 3.6% na 14.4 6.9% 0.1 Burkina Faso 0.0% 2.0% -2.0% na 16.0 5.7% 0.1 Cameroon 7.1% 2.4% 4.7% na 39.0 3.7% 3.5 Chad na 3.0% na na 11.3 3.3% 0.1 Congo Brazzav ille na 3.0% na na 12.3 -3.5% 0.4 Congo DRC na 5.0% na na 50.4 4.4% 0.7 Cote d'Iv oire 6.1% 2.3% 3.8% na na 6.2% 0.3 Egypt 14.4% 4.5% 9.9% 9.3% 303.1 5.6% 40.2 Gabon na 2.5% na 0.0% 16.9 3.9% 1.3 Ghana 19.0% 10.3% 8.7% 14.5% 67.0 -1.1% 6.6 Guinea na na na na na na na Kenya 12.6% 5.8% 6.8% 7.0% 95.5 -1.1% 8.0 Mali na 2.0% na na 17.3 4.8% 0.1 Mauritius 2.4% 1.2% 1.2% 1.9% 14.0 -13.0% 7.3 Morocco 2.3% 0.0% 2.3% -7.2% 119.7 -7.2% 28.3 Mozambique na 5.1% na na 15.3 2.3% 3.9 Nigeria 10.6% 16.5% -5.9% 11.5% 448.1 0.1% 34.7 Senegal na 1.7% na na 23.6 5.3% 0.1 Sierra Leone na 8.0% na na 4.1 5.5% 0.5 South Africa 9.3% 3.2% 6.1% 3.5% 351.4 -4.1% 53.8 Tanzania 11.6% 3.3% 8.2% 12.0% 63.2 7.1% 4.8 Uganda 16.0% 3.8% 12.2% na 35.2 6.8% na Zambia 34.5% 22.2% 12.3% na 23.3 1.4% na

Sources: Bloomberg, United Capital Research *GDP ($’b): Annual GDP by World Bank ** GDP Growth: Latest Quarterly y/y GDP Growth

6 Africa Eurobond Monitor

Composite Credit Maturity Outstanding Modified w/w YTD Issuer Rating Currency Issue Date Date Value Coupon TTM Duration Bid Yield Ask Yield change Change REPUBLIC OF ANGOLA CCC USD 11/12/2015 11/12/2025 1.5MMM 9.5% 4.66 3.67 7.2% 7.1% 0.8% 4.5% REPUBLIC OF ANGOLA NR USD 5/9/2018 5/9/2028 1.75MMM 8.3% 7.15 5.25 7.9% 7.7% 1.0% 5.8% REPUBLIC OF ANGOLA CCC USD 11/26/2019 11/26/2029 1.75MMM 8.0% 8.70 6.04 8.0% 7.9% 1.2% 6.0% REPUBLIC OF ANGOLA NR USD 5/9/2018 5/8/2048 1.75MMM 9.4% 27.15 9.62 9.3% 9.2% 1.9% 6.1% REPUBLIC OF ANGOLA CCC USD 11/26/2019 11/26/2049 1.25MMM 9.1% 28.70 9.79 9.2% 9.1% 2.1% 7.0% REPUBLIC OF NIGERIA B- USD 11/28/2017 11/28/2047 1.5MMM 7.6% 26.70 11.24 7.5% 7.4% 0.3% -3.4% REPUBLIC OF NIGERIA B- USD 11/21/2018 1/21/2049 750MM 9.2% 27.85 10.82 7.9% 7.8% 1.0% -1.9% REPUBLIC OF NIGERIA B- USD 2/16/2017 2/16/2032 1.5MMM 7.9% 10.92 7.36 6.9% 6.8% 0.2% -2.3% REPUBLIC OF NIGERIA B- USD 2/23/2018 2/23/2038 1.25MMM 7.7% 16.94 9.45 7.4% 7.3% 0.3% -3.5% REPUBLIC OF NIGERIA B- USD 11/21/2018 1/21/2031 1MMM 8.7% 9.85 6.72 6.7% 6.6% 0.2% -1.3% REPUBLIC OF NIGERIA B- USD 11/28/2017 11/28/2027 1.5MMM 6.5% 6.70 5.34 5.4% 5.2% 0.0% -1.0% REPUBLIC OF NIGERIA B- USD 2/23/2018 2/23/2030 1.25MMM 7.1% 8.94 6.59 6.3% 6.2% 0.0% -2.2% REPUBLIC OF NIGERIA B- USD 7/12/2013 7/12/2023 500MM 6.4% 2.32 2.15 2.9% 2.4% -0.1% -0.1% REPUBLIC OF NIGERIA B- USD 6/27/2017 6/27/2022 300MM 5.6% 1.28 1.23 2.7% 2.1% 0.0% 0.2% REPUBLIC OF GHANA B- USD 5/16/2018 6/16/2049 1MMM 8.6% 28.25 10.04 NM NM 0.1% -4.9% REPUBLIC OF GHANA B- USD 3/26/2019 3/26/2032 1.25MMM 8.1% 11.03 6.63 NM NM 0.0% -3.8% REPUBLIC OF GHANA B- USD 3/26/2019 3/26/2051 1MMM 9.0% 30.03 9.78 NM NM 0.1% -5.6% REPUBLIC OF GHANA B- USD 2/11/2020 3/11/2061 750MM 8.8% 39.99 10.70 NM NM 0.4% -6.3% REPUBLIC OF GHANA B- USD 2/11/2020 2/11/2035 1MMM 7.9% 13.91 7.91 NM NM 0.6% -4.3% REPUBLIC OF GHANA B- USD 2/11/2020 2/11/2027 1.25MMM 6.4% 5.91 4.14 NM NM -0.1% -1.7% REPUBLIC OF GHANA B- USD 9/18/2014 1/18/2026 1MMM 8.1% 4.84 3.30 NM NM -0.3% 0.2% REPUBLIC OF GHANA B- USD 5/16/2018 5/16/2029 1MMM 7.6% 8.17 5.36 NM NM -0.4% -2.5% REPUBLIC OF GHANA B- USD 8/7/2013 8/7/2023 253.353MM 7.9% 2.39 2.18 3.6% 3.2% -0.1% 0.7% REPUBLIC OF GHANA B+ USD 10/14/2015 10/14/2030 1MMM 10.8% 9.58 5.81 NM NM 0.3% -2.7% REPUBLIC OF GHANA B- USD 3/26/2019 3/26/2027 750MM 7.9% 6.03 4.14 NM NM -0.2% -1.6% REPUBLIC OF GHANA B- USD 9/15/2016 9/15/2022 47.979MM 9.3% 1.50 0.98 NM NM 0.0% -0.1% REPUBLIC OF GABON CCC USD 2/6/2020 2/6/2031 1MMM 6.6% 9.89 6.58 NM NM 2.1% -3.2% REPUBLIC OF GABON NR USD 12/12/2013 12/12/2024 736MM 6.4% 3.74 2.46 NM NM 1.1% -0.1% REPUBLIC OF GABON CCC USD 6/16/2015 6/16/2025 700MM 7.0% 4.25 3.61 5.6% 5.3% 0.8% -1.5% IVORY COAST NR USD 4/16/2010 12/31/2032 654.408MM 5.8% 11.79 5.10 NM NM 0.6% -0.2% IVORY COAST B+ USD 6/15/2017 6/15/2033 1.25MMM 6.1% 12.25 8.03 NM NM -0.9% -6.8% IVORY COAST B+ USD 7/23/2014 7/23/2024 140.521MM 5.4% 3.35 3.05 3.3% 2.9% -0.2% 1.0% IVORY COAST B+ USD 3/3/2015 3/3/2028 793.892MM 6.4% 6.97 4.98 NM NM -0.4% -3.9% IVORY COAST B+ EUR 3/22/2018 3/22/2048 1.1MMM 6.6% 27.02 11.73 NM NM -0.9% -6.9% IVORY COAST B+ EUR 12/1/2020 1/30/2032 1.6MMM 4.9% 10.87 7.58 NM NM 0.0% -3.6% IVORY COAST B+ EUR 10/17/2019 10/17/2031 850MM 5.9% 10.59 7.16 NM NM 0.0% -3.2% IVORY COAST B+ EUR 10/17/2019 10/17/2040 850MM 6.9% 19.59 10.36 NM NM -0.3% -6.2% IVORY COAST B+ EUR 3/22/2018 3/22/2030 850MM 5.3% 9.02 6.18 NM NM -0.4% -2.3% REPUBLIC OF KENYA B USD 6/24/2014 6/24/2024 2MMM 6.9% 3.27 2.92 3.3% 3.0% -0.2% 1.5% REPUBLIC OF KENYA B USD 2/28/2018 2/28/2048 1MMM 8.3% 26.95 11.29 7.5% 7.4% -1.8% -5.6% REPUBLIC OF KENYA B USD 5/22/2019 5/22/2032 1.2MMM 8.0% 11.18 6.93 NM NM -1.0% -4.9% REPUBLIC OF KENYA B USD 2/28/2018 2/28/2028 1MMM 7.3% 6.95 5.48 5.6% 5.5% -1.0% -2.3% REPUBLIC OF KENYA B USD 5/22/2019 5/22/2027 900MM 7.0% 6.18 4.28 NM NM -0.7% -0.4% REPUBLIC OF SENEGAL B+ USD 3/13/2018 3/13/2048 1MMM 6.8% 26.99 12.24 NM NM 2.6% -8.2% REPUBLIC OF SENEGAL B+ USD 5/23/2017 5/23/2033 1.1MMM 6.3% 12.19 7.91 NM NM 1.7% -6.9% REPUBLIC OF SENEGAL B+ USD 7/30/2014 7/30/2024 500MM 6.3% 3.37 3.04 3.4% 3.1% -0.3% -1.0% REPUBLIC OF SENEGAL B+ USD 5/13/2011 5/13/2021 300MM 8.8% 0.16 0.16 8.4% 1.3% -0.2% -2.1% REPUBLIC OF SENEGAL B+ EUR 3/13/2018 3/13/2028 1MMM 4.8% 6.99 5.16 NM NM 0.7% -2.6% REPUBLIC OF SOUTH AFRICA BB- USD 9/30/2019 9/30/2049 3MMM 5.8% 28.54 13.11 6.2% 6.2% 1.6% -6.5% REPUBLIC OF SOUTH AFRICA BB- USD 9/30/2019 9/30/2029 2MMM 4.9% 8.54 6.80 4.6% 4.5% 0.6% -4.4% REPUBLIC OF SOUTH AFRICA BB- USD 9/16/2013 9/16/2025 2MMM 5.9% 4.50 3.99 3.2% 3.1% 0.0% -3.1% REPUBLIC OF SOUTH AFRICA BB- USD 5/22/2018 6/22/2030 1.4MMM 5.9% 9.27 7.11 4.8% 4.7% 0.3% -4.7% REPUBLIC OF SOUTH AFRICA BB- USD 1/17/2012 1/17/2024 1.5MMM 4.7% 2.84 2.64 2.5% 2.3% -0.1% -1.7% REPUBLIC OF SOUTH AFRICA BB- USD 10/12/2016 10/12/2046 1MMM 5.0% 25.57 13.22 6.0% 5.9% 0.9% -6.8% REPUBLIC OF SOUTH AFRICA BB- USD 7/24/2014 7/24/2044 1MMM 5.4% 23.36 12.67 6.0% 6.0% 1.0% -6.1% REPUBLIC OF SOUTH AFRICA BB- USD 3/8/2011 3/8/2041 750MM 6.3% 19.98 11.41 6.1% 6.0% 0.7% -5.6% REPUBLIC OF SOUTH AFRICA BB- USD 10/12/2016 10/12/2028 2MMM 4.3% 7.58 6.29 4.4% 4.3% 0.6% -4.4% REPUBLIC OF SOUTH AFRICA BB- USD 4/14/2016 4/14/2026 1.25MMM 4.9% 5.08 4.41 3.7% 3.5% 0.1% -3.2% REPUBLIC OF SOUTH AFRICA BB- USD 9/27/2017 9/27/2047 1.5MMM 5.7% 26.53 12.88 6.2% 6.1% 1.5% -6.2% REPUBLIC OF SOUTH AFRICA BB- USD 9/27/2017 9/27/2027 1MMM 4.9% 6.53 5.47 4.1% 4.0% 0.3% -3.5% REPUBLIC OF SOUTH AFRICA BB- USD 5/22/2018 6/22/2048 600MM 6.3% 27.27 12.73 6.4% 6.3% 1.2% -6.9% REPUBLIC OF SOUTH AFRICA BB- USD 5/30/2007 5/30/2022 1MMM 5.9% 1.20 1.16 1.4% 1.0% 0.0% -1.3% REPUBLIC OF SOUTH AFRICA BB- JPY 6/12/2001 9/7/2021 30MMM 3.8% 0.48 0.47 1.1% 1.1% 0.0% -0.2% REPUBLIC OF SOUTH AFRICA BB- EUR 7/24/2014 7/24/2026 500MM 3.8% 5.36 4.76 2.2% 2.1% -0.2% -1.5% REPUBLIC OF ZAMBIA NR USD 7/30/2015 7/30/2027 1.25MMM 9.0% 6.37 4.31 NM NM -1.8% 9.2% REPUBLIC OF ZAMBIA NR USD 4/14/2014 4/14/2024 1MMM 8.5% 3.08 2.34 30.4% 29.1% -1.9% 8.5% REPUBLIC OF ZAMBIA NR USD 9/20/2012 9/20/2022 750MM 5.4% 1.51 1.16 57.1% 47.6% -5.1% 8.1%

Sources: Bloomberg, United Capital Research

Disclaimer

United Capital Plc Research (UCR) notes are prepared with due care and diligence based on publicly available infor- mation as well as analysts’ knowledge and opinion on the markets and companies covered; albeit UCR neither guaran- tees its accuracy nor completeness as the sole investment guidance for the readership. Therefore, neither United Capital (UCAP) nor any of its associates or subsidiary companies and employees thereof can be held responsible for any loss suf- fered from the reliance on this report as it is not an offer to buy or sell securities herein discussed. Please note this report is a proprietary work of UCR and should not be reproduced (in any form) without the prior written consent of Management. UCAP is registered with the Securities and Exchange Commission and its subsidiary, UBA Securities Limited is a dealing member of the Nigerian Stock Exchange. For enquiries, contact United Capital Plc, 3rd Floor, Afriland Towers, 97/105 Broad Street, Lagos. ©United Capital Plc 2021.

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