Rwanda lists $5m bond and announces 2010 target of $20m
A $5 million (€3.59 million) Treasury bond has been listed by Rwanda on its over-the-counter exchange after the country announced its target of $20 million in trading for 2010.The East African reports that the $5 million bond, which is the fourth to be listed since January 2008 when trading started, replaces a two-year $10 million bond that expired on January 14th.
The new bond will attract year-on-year periodic interest of 9.5 per cent, officials told the newspaper. It will mature in 2012.
Rwanda's Capital Markets Advisory Council was established in March 2007 to facilitate the creation of a capital market. Its Executive Director Robert Mathu said the government was increasingly using the stock market to fund national developments, such as the $10 million municipal bond that financed Kigali City Council's master plan in 2008.
Claver Gatete, Bank of Kigali Deputy Govenor, added: "Past performance also shows that the people of Rwanda are also getting to understand the importance of capital markets."