MCB Capital Markets
AfDB appoints MCB Investment Management as Fund Manager for its first Fixed Income ETF in Africa (news with additional features)
DGAP-News: MCB Capital Markets / Key word(s): Funds AfDB appoints MCB Investment Management as Fund Manager for its first Fixed Income ETF in Africa The African Development Bank (AfDB) has appointed MCB Investment Management (MCBIM), a subsidiary of MCB Capital Markets, as Fund Manager for its first multi-jurisdictional Fixed Income Exchange Traded Fund (ETF) in Africa. The Board of Directors of the AfDB has also approved a seed equity capital investment of USD 25 million for the ADBF. The primary objective of the African Domestic Bond ETF (ADBF) is to encourage bond issuance in local currencies by facilitating access to local fixed income markets for investors. The ETF will be invested in both government and corporate bonds, and will initially be listed on the Stock Exchange of Mauritius. MCBIM pioneered this area in early 2013 with the launch of the MCB Africa Bond Fund, an actively managed USD denominated fund that focuses on the local currency bond markets of 13 countries in Africa. The fund has consistently outperformed its benchmark since inception and is up 9.52% in absolute terms this year. The ADBF was conceived as part of the AfDB’s African Financial Markets Initiative (www.africanbondmarkets.org) in 2008. Through this initiative, the AfDB aims to strengthen African economies by reducing their dependency on foreign currency denominated debt, increase the range of available financing options and act as a catalyst for regional market integration. Stefan Nalletamby, the AfDB’s Director for Financial Sector Development, commented: Rony Lam, Chief Executive Officer of MCB Capital Markets, commented: The ADBF will be managed by MCBIM’s Fixed Income team, led by Abhimanyu Yadav. About MCB Investment Management Distributed by APO on behalf of The Mauritius Commercial Bank Ltd (MCB). Contact: Additional features: Document: http://n.eqs.com/c/fncls.ssp?u=FITOEXKDHS Document title: Abhimanyu Yadav, Head of Fixed Income
2016-12-09 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English | |
Company: | MCB Capital Markets | |
Sir William Newton St | ||
Port Louis | ||
Mauritius | ||
Internet: | http://www.mcbcapitalmarkets.mu/en/ | |
ISIN: | MU0424N00005 | |
End of News | DGAP News Service |