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Rwanda: bonds

Rwanda has made substantial progress in stabilizing and rehabilitating its economy to pre-1994 levels and regained its ability to attract private and external investment. GDP has rebounded with an average annual growth of 7.0-8.0 per cent. since 2003 and inflation has been reduced to single digits. Rwanda's nominal GDP per capita was US$519.0 in 2009, US$540.5 in 2010 (an increase of 4.2 per cent.), US$593.0 in 2011 (an increase of 9.8 per cent.) and US$644.0 in 2012 (an increase of 8.6 per cent.). Rwanda's economy is dominated by subsistence agriculture, which was employing approximately 73.0 per cent. of the workforce as of the end of 2012 and is estimated to have accounted for 33.0 per cent. of GDP in nominal terms in the year. Rwanda's export agriculture is dominated by traditional export products such as coffee and tea, which represented approximately 21.8 per cent. of total export earnings in 2012.
Domestic Public Debt
Domestic public debt (including the Government and the National Bank of Rwanda) was US$481.0 million (6.8 per cent. of real GDP) at the end of 2012, compared to US$462 million (7.3 per cent. of real GDP) at the end of 2011, and US$486 million (8.9 per cent. of real GDP) at the end of 2010. Out of total domestic debt, 3.8 per cent. of real GDP were short-term maturities at the end of 2012. 38.5 per cent. of local currency debt in 2012 was held by the NBR and the remainder was held by the domestic banking sector and the non-bank sector. Domestic debt consists of treasury bills and treasury bonds, and is mostly short and medium-term.
External Public Debt
Rwanda's Government external debt was US$1,171.0 million (16.5 per cent. of real GDP) at the end of 2012, compared to US$1,135 million (18.0 per cent. of real GDP) at the end of 2011, and US$799 million (14.6 per cent. of real GDP) at the end of 2010. At the end of 2012, multilateral creditors held more than 84.0 per cent. of all Government external debt, with the key share held by the International Development Association (IDA) and Africa Development Bank Group (ADB) for a combined 73.8 per cent.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
RWF 102 552 497 300 000
USD 1 400 000 000

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 ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
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
Rwanda, TB 14aug2019 6m - Domestic bonds 0% 4 000 000 000  RWF 02/14/2019 08/14/2019
Rwanda, TB 14mar2019 28d - Domestic bonds 0% 3 000 000 000  RWF 02/14/2019 03/14/2019
Rwanda, TB 13feb2020 12m - Domestic bonds 0% 5 000 000 000  RWF 02/14/2019 02/13/2020
Rwanda, TB 16may2019 3m - Domestic bonds 0% 3 000 000 000  RWF 02/14/2019 05/16/2019
Rwanda, TB 8aug2019 6m - Domestic bonds 0% 5 400 000 000  RWF 02/07/2019 08/08/2019
Rwanda, TB 7mar2019 28d - Domestic bonds 0% 4 000 000 000  RWF 02/07/2019 03/07/2019
Rwanda, TB 2feb2020 12m - Domestic bonds 0% 5 000 000 000  RWF 02/07/2019 02/06/2020
Rwanda, TB 9may2019 3m - Domestic bonds 0% 4 002 000 000  RWF 02/07/2019 05/09/2019
Rwanda, TB 25jul2019 6m - Domestic bonds 0% 6 009 000 000  RWF 01/24/2019 07/25/2019
Rwanda, TB 23jan2020 12m - Domestic bonds 0% 6 049 000 000  RWF 01/24/2019 01/23/2020

Currencies

Daily indices

Type: 02/21/2019 02/20/2019 02/19/2019 02/18/2019 02/15/2019 02/14/2019 02/13/2019
Exchange Rates (Emerging Markets)
[12763] USD/RWF 884.9713 885.0186 885.0162 889.8684 889.5911 890.6882 889.9231
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New issues of Emerging markets International Bonds

Yearly indices

Type: 2018 2017 2016 2015 2014
Annual new International Bonds issues (Africa)
[19831] Annual new issues of Rwanda sovereign international bonds, USD bln 0.000 0.000 0.000 0.000 0.000
[19877] Annual new issues of Rwanda corporate international bonds, USD bln 0.000 0.000 0.000 0.000 0.000
[19923] Annual new issues of Rwanda corporate international bonds, (financial sector) USD bln 0.000 0.000 0.000 0.000 0.000
[19969] Annual new issues of Rwanda corporate international bonds, (non-financial sector) USD bln 0.000 0.000 0.000 0.000 0.000

Emerging Markets International Bonds

Monthly indices

Type: Jan 2019 Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018
Volume of African International Bonds Markets
[21797] Rwanda international bonds, USD bln 0.400 0.400 0.400 0.400 0.400 0.400 0.400
[21843] Rwanda corporate international bonds, USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
[21889] Rwanda sovereign international bonds, USD bln 0.400 0.400 0.400 0.400 0.400 0.400 0.400
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Macroeconomic Indicators (World economy)

Monthly indices

Type: Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Inflation Rate (World), % to the same period of the previous year
[15723] Inflation Rate (Rwanda) -3.40 -1.10 0.60 0.60 1.40 1.80 -0.10
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Yearly indices

Type: 2017 2016 2015 2014 2013
Government Debt to GDP (World), %
[15361] Government Debt to GDP(Rwanda) 40.20 37.60 33.40 28.00 29.42

Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Rwanda, 6.625% 2may2023, USD   USD 05/02/2023 05/18/2016 **.*** *.** 05/18/2016 **.*** *.**
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