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ALCBF, TCX and the TZS Or: making local currency work in the most - PowerPoint PPT Presentation

Mar 12, 2023 •528 likes •583 views

ALCBF, TCX and the TZS Or: making local currency work in the most challenging markets TCX, a blended capital structure Shareholders First Loss Investors ALCBF, TCX and the TZS 29-5-2018 TCX & ALCB fund Getting it right Total Avg.

  1. ALCBF, TCX and the TZS Or: making local currency work in the most challenging markets

  2. TCX, a blended capital structure Shareholders First Loss Investors ALCBF, TCX and the TZS 29-5-2018

  3. TCX & ALCB fund – Getting it right Total Avg. Deals Currencies Avg. Deal Notional Maturity 17 8 USD 2.1m USD 36.3m 5 years Number of deals per currency Notional breakdown by currency BWP 1 UGX 2 BWP 10% UGX 11% ZMW 1 MWK 3% MWK 1 ZMW 9% XAF 1 XAF 6% KES 2 XOF 24% XOF 4 KES 16% GHS 5 GHS 22% ALCBF, TCX and the TZS 29-5-2018

  4. TZS swap: a challenge TZS SWAP RATES TCX Government bond level Market 20.00% 18.00% 16.00% 14.00% 12.00% RATE 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% DATE • Local government bond overstates risk and cannot be used as benchmark • The overall risk evaluation is relatively constant (in carry terms) • Since December 2017, with US curve hiking sharply, market NDF’s have followed US curve increase • Similar movement can be observed in TCX pricing as TCX is additional to, but also based on markets ALCBF, TCX and the TZS 29-5-2018

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