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Namibia: bonds

A significant portion of Namibia’s GDP comes from the extraction and processing of minerals for export, in particular diamonds and uranium. Mining accounted for 8.8 per cent. of nominal GDP in 2010 and provided 40.6 per cent. of foreign exchange earnings. Rich alluvial diamond deposits make Namibia a primary source for gem-quality diamonds, and in 2010 approximately 1.5 million carats were recovered from Namibian mines. Namibia is the world’s fourth-largest producer of uranium, with almost 6,000 tonnes of contained uranium mined in 2010. Namibia also produces large quantities of zinc and smaller amounts of gold and other minerals such as copper and lead. Namibia’s other principal economic sectors include fishing, manufacturing and agriculture. Namibia’s principal exports include metal ores, diamonds, fish and manufactured products while its principal imports include machinery and equipment, transport equipment, food and beverages and chemical rubber and plastic products.
As at 1 September 2011, Namibia’s public debt was approximately N$16.8 billion, or 17.1 per cent of GDP. About a fifth of the debt is owed to bilateral and multilateral foreign creditors, while the rest is domestic debt. The Bank of Namibia has previously accessed the international lending markets in 2006 with a U.S.$50 million syndicated loan facility. The primary objective of this facility was to create a credit record with international lenders as a means of improving borrowing capability to enable the Government to supplement its foreign exchange reserve levels as and when required. Since 2005, domestic debt has declined gradually from approximately 23.1 per cent. of GDP to 15.9 per cent. at the end of 2010 due to strong fiscal consolidation and prudent fiscal policies. Privatisation receipts of 1.3 per cent. of GDP in 2006 from the sale of a telecommunications firm contributed to the decrease. Moreover, the Government paid certain external debts and redeemed maturing domestic debts in 2009/2010, which also reduced the public debt ratio.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
NAD 29 28 802 063 494
ZAR 4 2 892 000 000
USD 2 1 250 000 000
corporate
NAD 31 4 956 700 000
ZAR 9 2 872 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Namibia, TB 20mar2020 9m - Domestic bonds 0% 450 000 000  NAD 06/20/2019 03/20/2020
Namibia, TB 19jun2020 12m - Domestic bonds 0% 450 000 000  NAD 06/20/2019 06/19/2020
Namibia, TB 13dec2019 6m - Domestic bonds 0% 620 000 000  NAD 06/13/2019 12/13/2019
Namibia, 10.25 15jan2050 (GC50) - Domestic bonds NA000A2R1294 10.25% 40 000 000  NAD 06/05/2019 01/15/2050
Namibia, TB 13sep2019 6m - Domestic bonds 0% 450 000 000  NAD 03/14/2019 09/13/2019
Namibia, TB 21feb2020 12m - Domestic bonds 0% 500 000 000  NAD 02/21/2019 02/21/2020
Bank Windhoek, FRN 6dec2021, NAD - Domestic bonds NA000A2RVEB1 3M JIBAR + 1.5% 66 000 000  NAD 12/06/2018 12/06/2021
Development Bank of Namibia, 8.85% 4dec2023, NAD - Domestic bonds NA000A2RU9G8 8.85% 290 000 000  NAD 12/04/2018 12/04/2023
Bank Windhoek, 9.98% 21nov2022, NAD - Domestic bonds NA000A2RUJC0 9.98% 245 000 000  NAD 11/21/2018 11/21/2022
Bank Windhoek, FRN 21nov2022, NAD - Domestic bonds NA000A2RUJD8 3M JIBAR + 1.87% 155 000 000  NAD 11/21/2018 11/21/2022

Forex

Daily indices

Type: 07/18/2019 07/17/2019 07/16/2019 07/15/2019 07/12/2019 07/11/2019 07/10/2019
FOREX rates
[12677] USD/NAD 13.8303 13.9943 13.9431 13.9053 13.9557 13.9576 13.9838
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BIS

Quarterly indices

Type: I 2019 III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017
BIS international bonds outstanding volume
[10299] Namibian international bonds, USD bln 1.300 1.300 1.300 1.300 1.300 1.300 1.300
BIS new international bonds volume
[10431] International-bond net issue of Namibia, USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000

International bonds outstanding volume

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Africa international bonds outstanding volume
[21793] Namibia international bonds, USD bln 1.250 1.646 1.548 1.545 1.552 1.528 1.506
[21839] Namibia corporate international bonds, USD bln 0.000 0.197 0.095 0.094 0.097 0.060 0.056
[21885] Namibia sovereign international bonds, USD bln 1.250 1.449 1.452 1.450 1.456 1.468 1.451
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Inflation

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Inflation (Africa)
[15679] Inflation Rate (Namibia) 3.90 4.10 4.50 4.50 4.44 4.69 5.17
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New international bonds volume

Yearly indices

Type: 2018 2017 2016 2015 2014
Africa new international bonds volume
[19827] Annual new issues of Namibia sovereign international bonds, USD bln 0.000 0.000 0.035 0.875 0.000
[19873] Annual new issues of Namibia corporate international bonds, USD bln 0.000 0.027 0.011 0.040 0.028
[19919] Annual new issues of Namibia corporate international bonds, (financial sector) USD bln 0.000 0.027 0.011 0.040 0.028
[19965] Annual new issues of Namibia corporate international bonds, (non-financial sector) USD bln 0.000 0.000 0.000 0.000 0.000

Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Namibia, 5.25% 29oct2025, USD   USD 10/29/2025 05/18/2016 **.** *.** 05/18/2016 **.** *.**
Namibia, 5.50% 3nov2021, USD   USD 11/03/2021 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
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