9 stories
Daily Brief ·
Senegal's debt workout, step by step: Board vote and creditor deal still pending
Senegal has an IMF staff deal and a plan to renegotiate what it owes abroad, while keeping CFA franc debt out of it. The dated ladder from the 2024 audit to today, what is done and what is pending, and what Senegal's own XOF auctions have looked like since.
Daily Brief ·
One currency, twice the price: Senegal pays 7.87% for a one-year bill, Burkina Faso 3.73%
Eight West African treasuries borrow in the same CFA franc under one central bank. A year ago four of them paid within 0.75 points of each other for one-year money; now the spread is 4.14 points. The table, the amounts behind each rate, and what to watch.
Daily Brief ·
Africa's borrowing bill: one-year rates fell up to 4.5 points in a year. Where they head into 2027
Across nine markets in our auction records, the one-year government bill costs less than a year ago in five, more in three and the same in one. Ghana's and Nigeria's bills sit far below their policy rates; South Africa's has risen at every auction since 3 August. Our base case, two alternatives, and the dates that will decide between them.
Daily Brief ·
KES 100,000 over the next year: from KES 3,009 in savings to KES 7,680 locked in a T-bill
Kenya's one-year Treasury bill locks in 9.04% today; a money market fund floats with the market. We ran three paths for rates to October 2027 and worked out what each option would leave a saver with KES 100,000 after tax. Scenarios, not advice.
Daily Brief ·
The new map of who lends to African governments: the home crowd bids 1.5 times the ask
Bill auctions in Kenya, Ghana and Zambia now draw about 1.5 times what the government asks for, up from roughly 1.0 to 1.4 a year ago. Over the same weeks, borrowing in dollars got dearer. What the shift means for savers, funds and finance ministries, and three ways it could go.
Daily Brief ·
Kenyan investors want the 91-day bill, not the one-year
Every 91-day bill auction since August drew at least 1.7 times the amount offered; the 364-day bill fell short of its offer in two of the last five. The extra year pays only 0.27 points more.
Daily Brief ·
Kenya’s rate cuts: savers lost twice what borrowers gained
In two years the one-year Treasury bill fell from 16.73% to 9.04%. Banks cut what they pay depositors by 4.2 points but what they charge borrowers by only 2.5, so the gap between the two widened from 5.70 to 7.43 points.
Daily Brief ·
When the T-bill result notice posts: a 12-minute file
The habit brief: what a treasury desk files in the twelve minutes after CBK publishes a Treasury bill result notice — without inventing this week’s print.
Daily Brief ·
How to read a Treasury bill calendar without inventing the print
A method for using CBK auction calendars and result notices as primary sources — tenors, announcement, auction, and settlement — without treating a remembered yield as a fact.
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