New index family to bring transparency to most liquid African bond markets
The African Development Bank (AfDB) through the African Financial Markets Initiative (AFMI) and Bloomberg on December 9 announced an agreement to collaborate on building the AfDB's AFMISM Bloomberg® African Bond Index (ABABI), a new family of African bond indices that, once launched, will be calculated by the independent, global index provider, Bloomberg.
"This collaboration comes at a time when African countries are increasingly looking to domestic capital markets to source financing for economic development," says Stefan Nalletamby, the Director of the Financial Sector Development Department of the AfDB.
The AFMI works to deepen the continent's local currency bond markets and also strives to create an environment where African countries can access financing at variable terms. By providing transparent and credible benchmark indices, the AFMI through its work with AfDB and Bloomberg will provide investors with a tool with which to measure and track the performance of Africa's bond markets.
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