Ghana Fixed Income Market Summary of Status Report

GHANA FIXED INCOME MARKET

SUMMARY OF STATUS REPORT JANUARY 2019

MEMBERSHIP

GFIM as at the end of January 2019 has 37 registered members categorized as follows:

LICENSED DEALING MEMBERS PRIMARY DEALER BANKS 1. African Alliance Securities Limited 1. Access Bank Ghana Limited 2. Bullion Securities Limited 2. ARB Apex Bank 3. Cal Brokers Limited 3. Barclays Bank Ghana Limited 4. CDH Securities Limited 4. Cal Bank Ghana Limited 5. Databank Brokerage Limited 5. Consolidated Bank Ghana Limited 6. EDC Stockbrokers Limited 6. Ecobank Ghana Limited 7. Gold Coast Brokerage Limited 7. Fidelity Bank Ghana Limited 8. HFC Brokerage Services Limited 8. GCB Bank Limited 9. IC Securities Limited 9. Guaranty Trust Bank Ghana Limited 10. Liberty Securities Limited 10. Societe Generale Ghana Limited 11. NTHC Ltd 11. Stanbic Bank Limited 12. Prudential Stockbrokers Limited 12. Standard Chartered Bank Limited 13. SBG Securities Ghana Limited 13. Universal Merchant Bank 14. SIC Financial Services Limited 15. Strategic African Securities Limited 16. UMB Stock Brokers Ltd

NON - PRIMARY DEALER BANKS 1. Agricultural Development Bank 2. Bank of Africa Ghana Ltd 3. First Atlantic Bank Ghana Ltd 4. First National Bank GH. Ltd 5. Prudential Bank Limited 6. Republic Bank Ghana Limited 7. UBA Ghana Limited 8. Zenith Bank Ghana Ltd

 FBN Bank Ghana Ltd is the only bank that is yet to join the Ghana Fixed Income Market.

SUMMARY OF SECURITIES  Benchmark Securities: 9 3yr Government bond- 1 5yr Government bond-5 7yr Government bond-1 10yr Government bond-1 15yr Government bond-1  Non-Benchmark Securities: 18 3yr Government bond-11 5yr Government bond-4 7yr Government bond-3  Treasury Notes: 42 1yr Government note- 22 2yr Government note- 20  Treasury Bills: 53 364 day bill-2 182 day bill-24 91 day bill-13 Ghana Cocoa Bill-14  Local US dollar 3-year bond-2  Eurobond-4  Corporate Bonds

AFB Ghana Plc 17 Barclays Bank of Ghana 52 Bayport Financial Services (Ghana) 9 Bank of Ghana 13 Edendale Properties 3 Izwe Loans Ghana 6 PBC Ghana Limited 1 E.S.L.A. Plc 2 Ghana Home Loans Limited 2 Bond Savings and Loans Ltd 11 Quantum Terminal Ltd 1 Dalex Finance and Leasing Company Ltd 1

GHANA GOVERNMENT SECURITIES TOTAL OUSTANDING SECURITIES AS AT JANUARY 2019 2019 2018 TENOR OF SECURITY AMOUNT GH₵ AMOUNT GH₵ 91-DAY 5,758,461,958 7,220,564,413 182-DAY 3,025,297,170 3,546,114,780 364-DAY 43,422,580 - 1-YEAR 2,405,487,409 3,955,857,753 2-YEAR 13,421,568,456 8,562,245,788 3-YEAR 10,944,394,215 7,255,543,779 5-YEAR 12,661,661,126 11,204,014,258 7-YEAR 2,857,388,228 2,150,496,228 10-YEAR 7,861,167,635 7,409,571,635 15-YEAR 4,793,780,961 4,793,780,961 TOTAL 63,772,629,738 56,098,189,595

TREND ANALYSIS OF TOTAL OUSTANDING SECURITIES

16,000,000,000 14,000,000,000 12,000,000,000 10,000,000,000 8,000,000,000 2019 6,000,000,000 2018 4,000,000,000 2,000,000,000 0

SECURITIES TRADED SECURITY TOTAL VOLUME TOTAL TRADES 2 YR FXR NOTE 1,128,602,712.00 814 10 YR FXR BOND 543,755,835.00 211 5 YR FXR BOND 520,087,754.00 312 3 YR FXR BOND 471,297,919.00 548 7 YR FXR BOND 188,511,273.00 118 182 DAY COCOA BILL 159,345,654.00 302 91 DAY BILL 153,162,627.00 4614 182 DAY BILL 46,749,567.00 962 30 DAY BILL 6,995,868.00 8 1 YR FXR NOTE 2,745,303.00 105 56 DAY BILL 1,025,000.00 2 60 DAY BILL 618,000.00 4 364 DAY BILL 399,091.00 7 14 DAY BILL 354,000.00 1 15 YR FXR BOND 122,000.00 1 TOTAL 3,223,772,603.00 8009

GHANA CORPORATE SECURITIES

ISSUED SECURITIES IN JANUARY 2019

1. AFB (GHANA) LTD TENOR OF SECURITY AMOUNT ISSUED MONTH-YEAR MONTH-YEAR MATURITY ISSUED 5 YR FXR BOND 8,000,000 Jan-19 Jan-24 TOTAL 8,000,000

SUMMARY OF CORPORATE BONDS LISTING

Name of Issuer Number Amount Raised Shelf Registration GH¢ GH¢ Izwe Loans Ltd 6 72.31 million 80 million AFB Plc 17 201.29 million 300 million Edendale Properties Ltd 6 32.65 million 50 million Bayport Financial Services 8 200.00 million 200 million Ghana Home Loans 2 19.00 million 380 million PBC Ltd 2 362.30 million 400 million ESLA Ltd 2 5,664.09million 10,000million Bond Savings & Loans 8 60.43 million 100 million Quantum Terminal Ltd 1 45 million 140 million Dalex Finance Company 1 17.46 million 150 million TOTAL 53 6,674.52 million 11,800.00 million

AMOUNT RAISED SO FAR AGAINST SHELF REGISTRATION

450 400 350 300 250 200 150 100 50 AMOUNT RAISED 0 SHELF REGISTRATION

VOLUME OF TRADES MONTH CSD BLOOMBERG 2019 2018 2017 2019 2018 2017 January 3,223,772,603 3,310,692,897 3,005,951,273 255,030,000 158,577,000 320,384,000 February 4,258,519,930 1,921,050,863 295,088,000 44,477,000 March 3,160,168,133 2,474,848,604 51,600,000 266,392,000 April 1,801,991,461 1,867,904,509 97,200,000 192,371,000 May 3,164,111,390 2,118,923,894 34,000,000 143,650,000 June 3,285,363,905 1,650,430,204 482,740,000 120,545,000 July 2,961,819,671 1,766,518,140 548,047,000 84,287,000 August 3,358,380,590 5,028,535,721 658,394,000 244,746,000 September 3,491,312,515 2,082,485,694 473,026,000 145,194,000 October 3,067,371,443 1,818,679,237 262,240,000 47,513,000 November 2,904,757,781 2,264,724,234 276,221,000 158,612,000 December 3,100,828,155 4,703,651,380 262,055,000 71,478,000 TOTAL 37,865,317,843.00 30,703,703,753 255,030,000 3,599,188,000 1,839,649,000 Source: (CSD, 2018)

CAPIZAR ATS MONTH 2019 2018 January 150,000 - February - March - April - May - June 430,000 July 300,000 August - September -

October -

November 169,433

December - TOTAL 150,000 899,433

NUMBER OF TRADES (2017 TO 2019)

MONTH CSD BLOOMBERG 2019 2018 2017 2019 2018 2017 January 8,009 7,521 18,487 83 108 84 February 5,960 7,281 62 32 March 5,706 11,012 27 254 April 8,176 6,900 36 106 May 8,674 6,319 21 101 June 6,384 8,643 132 82 July 5,746 10,165 126 62 August 6,824 9,283 182 86 September 6,106 8,119 118 99 October 8,197 6,655 101 57 November 7,050 7,126 102 46 December 6,476 7,274 98 64 TOTAL 8,009 82,820 107,264 83 1,113 1,073

RANKINGS FOR JANUARY 2019 (BASED ON VOLUME TRADED)

SELL SIDE

VOLUME TOTAL TRADED TRADES 1. STANBIC BANK GHANA LIMITED 1,038,250,134.00 892 2. ACCESS BANK GHANA LIMITED 453,770,063.00 366 3. STANDARD CHARTERED BANK GHANA 442,029,640.00 1014 4. BARCLAYS BANK GHANA LIMITED 315,746,849.00 614 5. ECOBANK GHANA LIMITED 228,477,843.00 2970 6. FIDELITY BANK (GHANA) LIMITED 207,528,610.00 68 7. IC SECURITIES (GHANA) LIMITED. 129,334,191.00 61 8. ZENITH BANK GHANA LIMITED 106,006,244.00 66 9. GCB BANK LIMITED 88,524,380.00 940 10. SOCIETE GENERALE GHANA LIMITED 57,197,150.00 330 11. GUARANTY TRUST BANK (GHANA) LIMITED 55,605,466.00 59 12. CAL BANK LIMITED 25,715,449.00 204 13. FIRST ATLANTIC BANK 21,698,560.00 36 14. UNITED BANK FOR AFRICA GHANA LIMITED 18,137,195.00 58 15. CAL BROKERS LIMITED. 14,291,880.00 12 16. STRATEGIC AFRICAN SECURITIES 4,776,540.00 21 17. DATABANK BROKERAGE LIMITED. 2,852,038.00 43 18. UNIVERSAL MERCHANT BANK LIMITED 2,467,666.00 40 19. BANK OF GHANA* 2,437,862.00 145 20. FIRST NATIONAL BANK GHANA LIMITED 2,380,525.00 21

21. EDC STOCKBROKERS LIMITED 2,100,000.00 1 22. BULLION SECURITIES LIMITED 1,782,000.00 1 23. REPUBLIC BANK (GHANA) LTD 998,106.00 23 24. PRUDENTIAL BANK LIMITED 669,996.00 2 25. FIRSTBANC BROKERAGE SERVICES LTD. 365,500.00 2 26. SIC BROKERAGE LIMITED 280,888.00 14 27. AFRICAN ALLIANCE SECURITIES GHANA LTD. 150,000.00 1 28. SERENGETI CAPITAL MARKETS LIMITED * 80,578.00 1 29. REPUBLIC SECURITIES GHANA LIMITED 70,757.00 1 30. GOLD COAST BROKERAGE LIMITED. 32,405.00 1 31. BANQUE SAHELO-SAHARIENNE POUR L'INVESTISSEMENT ET LE 2 COMMERCE 14,088.00 TOTAL 3,223,772,603.00 8,009

*These are not registered under the Ghana Fixed Income Market.

BUY SIDE

VOLUME TOTAL TRADED TRADES 1. STANBIC BANK GHANA LIMITED 864,723,889.00 838 2. ACCESS BANK GHANA LIMITED 489,695,394.00 300 3. STANDARD CHARTERED BANK GHANA 353,120,472.00 981 4. BARCLAYS BANK GHANA LIMITED 254,173,865.00 598 5. ECOBANK GHANA LIMITED 231,911,104.00 2,953 6. GCB BANK LIMITED 167,419,298.00 952 7. IC SECURITIES (GHANA) LIMITED. 161,425,363.00 75 8. ZENITH BANK GHANA LIMITED 106,006,244.00 66 9. FIDELITY BANK (GHANA) LIMITED 95,577,387.00 59 10. SOCIETE GENERALE GHANA LIMITED 83,089,146.00 339 11. CAL BANK LIMITED 75,933,681.00 196 12. EDC STOCKBROKERS LIMITED 43,400,000.00 9 13. BANK OF AFRICA GHANA LIMITED 40,000,000.00 6 14. GUARANTY TRUST BANK (GHANA) LIMITED 36,788,380.00 36 15. CONSOLIDATED BANK GHANA LTD 30,000,000.00 1 16. CAL BROKERS LIMITED 29,227,440.00 54 17. STRATEGIC AFRICAN SECURITIES 27,708,807.00 80 18. FIRST ATLANTIC BANK 18,401,560.00 15 19. DATABANK BROKERAGE LIMITED. 18,285,038.00 96 20. PRUDENTIAL BANK LIMITED 17,200,000.00 1

21. FIRST NATIONAL BANK GHANA LIMITED 16,880,525.00 24 22. ARB APEX BANK LIMITED 14,764,438.00 5 23. UNITED BANK FOR AFRICA GHANA LIMITED 13,536,487.00 46 24. REPUBLIC SECURITIES GHANA LIMITED 9,994,104.00 25 25. SIC BROKERAGE LIMITED 7,383,310.00 21 26. PRUDENTIAL STOCKBROKERS LIMITED 5,017,986.00 8 27. CHAPEL HILL DENHAM SECURITIES GHANA LIMITED* 4,967,672.00 5 28. BANK OF GHANA* 2,437,862.00 145 29. GOLD COAST BROKERAGE LIMITED. 1,825,604.00 4 30. REPUBLIC BANK (GHANA) LTD 1,510,606.00 24 31. FIRSTBANC BROKERAGE SERVICES LIMITED. 412,490.00 3 32. UNIVERSAL MERCHANT BANK LIMITED 393,409.00 38 33. SERENGETI CAPITAL MARKETS LIMITED* 378,010.00 2 34. AFRICAN ALLIANCE SECURITIES GHANA LIMITED. 150,000.00 1 35. LIBERTY SECURITIES LIMITED 18,944.00 1 36. BANQUE SAHELO-SAHARIENNE POUR L'INVESTISSEMENT ET LE 14,088.00 2 COMMERCE TOTAL 3,223,772,603.00

*These are not registered under the Ghana Fixed Income Market.