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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 103 609 364 500 000
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 10oct2019 6m - Domestic bonds 0% 3 000 000 000  RWF 04/11/2019 10/10/2019
Rwanda, TB 9may2019 28d - Domestic bonds 0% 3 006 000 000  RWF 04/11/2019 05/09/2019
Rwanda, TB 9mar2020 12m - Domestic bonds 0% 10 003 900 000  RWF 04/11/2019 04/09/2020
Rwanda, TB 11jul2019 3m - Domestic bonds 0% 2 000 000 000  RWF 04/11/2019 07/11/2019
Rwanda, TB 3oct2019 6m - Domestic bonds 0% 5 000 000 000  RWF 04/04/2019 10/03/2019
Rwanda, TB 2may2019 28d - Domestic bonds 0% 3 125 600 000  RWF 04/04/2019 05/02/2019
Rwanda, TB 2apr2020 12m - Domestic bonds 0% 6 489 000 000  RWF 04/04/2019 04/02/2020
Rwanda, TB 3jul2019 3m - Domestic bonds 0% 3 511 000 000  RWF 04/04/2019 07/03/2019
Rwanda, TB 26sep2019 6m - Domestic bonds 0% 4 002 000 000  RWF 03/28/2019 09/26/2019
Rwanda, TB 25apr2019 28d - Domestic bonds 0% 2 500 000 000  RWF 03/28/2019 04/25/2019

Forex

Daily indices

Type: 04/19/2019 04/18/2019 04/17/2019 04/16/2019 04/15/2019 04/12/2019 04/11/2019
FOREX rates
[12763] USD/RWF 901.8832 902.8695 903.8249 904.3875 899.3805 903.0870 900.8785
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GDP

Yearly indices

Type: 2017 2016 2015 2014 2013
Government debt-to-GDP (Africa)
[15361] Government Debt to GDP(Rwanda) 40.20 37.60 33.40 28.00 29.42

International bonds outstanding volume

Monthly indices

Type: Mar 2019 Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018 Sep 2018
Africa international bonds outstanding volume
[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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Inflation

Monthly indices

Type: Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Inflation (Africa)
[15723] Inflation Rate (Rwanda) -3.40 -1.10 0.60 0.60 1.40 1.80 -0.10
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New international bonds volume

Yearly indices

Type: 2018 2017 2016 2015 2014
Africa new international bonds volume
[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

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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