The Index

The African Development Bank launched in December 2014 the AfDB/AFMISM Bloomberg® African Bond Index which initially included 4 local sovereign indices, namely South Africa, Egypt, Nigeria and Kenya. Namibia and Botswana were added in September 2015, with Ghana and Zambia in April 2017.

The AfDB/AFMISM Bloomberg® African Bond Index is a rules-based market value weighted composite index of the Bloomberg South Africa, Bloomberg Egypt, Bloomberg Nigeria, Bloomberg Kenya, Bloomberg Namibia, Bloomberg Botswana, Bloomberg Ghana and Bloomberg Zambia Local Sovereign Indices.

  • The Bloomberg Kenya Local Sovereign Index (“BKEN”) is a rules-based market-value weighted index engineered to measure the fixed-rate local currency securities publicly issued by Kenya. To be included in the index, a security must have a minimum par amount of KES 1 billion.
  • The Bloomberg Botswana Local Sovereign Index (“BBOTS”) is a rules-based market-value weighted index engineered to measure the fixed-rate local currency securities publicly issued by Botswana. To be included in the index, a security must have a minimum par amount of BWP 500 million.
  • The Bloomberg Namibia Local Sovereign Index (“BNAMI “) is a rules-based market-value weighted index engineered to measure the fixed-rate local currency securities publicly issued by Namibia. To be included in the index, a security must have a minimum par amount of NAD 500 million.
  • The Bloomberg Egypt Local Sovereign Index (“BEGYP”) is a rules-based market-value weighted index engineered to measure the fixed-rate local currency securities publicly issued by Egypt. To be included in the index, a security must have a minimum par amount of EGP 1 billion.
  • The Bloomberg Nigeria Local Sovereign Index (“BNGRI“) is a rules-based market-value weighted index engineered to measure the fixed-rate local currency securities publicly issued by Nigeria. To be included in the index, a security must have a minimum par amount of NGN 50 billion.
  • The Bloomberg South Africa Local Sovereign Index (“BSAFR”) is a rules-based market-value weighted index engineered to measure the fixed-rate local currency securities publicly issued by South Africa. To be included in the index, a security must have a minimum par amount of ZAR 2 billion.
  • The Bloomberg Ghana Local Sovereign Index (“BGHA“) is a rules-based market-value weighted index engineered to measure the fixed-rate local currency securities publicly issued by Ghana. To be included in the index, a security must have a minimum par amount of GHS 100 million.
  • The Bloomberg Zambia Local Sovereign Index (“BZMB“) is a rules-based market-value weighted index engineered to measure the fixed-rate local currency securities publicly issued by Zambia. To be included in the index, a security must have a minimum par amount of ZMW 50 million.

The weighting of the constituent securities of the Index changes on a monthly basis.

 As at 30th September 2018, the composition of the Index was as follows:

ConstituentPercentage (%)
ZAMBIA (BZMW)1.80%
KENYA (BKEN)11.63%
GHANA (BGHA)8.97%
Egypt (BEGYP)25.43%
Nigeria (BNGRI)25.44%
South Africa (BSAFR)23.87%
BOTSWANA (BBOTS)1.15%
NAMIBIA (BNAMI)1.70%

Note: Figures have been rounded to two decimal places and might not add up to 100%

Information relating to the construction of the Index, including the treatment of various corporate actions (where applicable), is documented in the ground rule document which is available on Bloomberg’s web page. 

Key facts about the Index

Base Date3rd July 2012
Base Value100
Number of constituents218 securities as at 30th September 2018
Calculation FrequencyDaily (End of the day on each Business Day)
Rebalance FrequencyMonthly
CurrencyUSD

ADBF Daily NAV

Ask NAV Bid Index Currency
10.830 10.780 10.730 140.905 USD

Price as at: 14 Oct 2019

How to invest in the ADBF

To register your interest in investing, contact the Fund Manager, MCB Stockbrokers Ltd, by phone +230 202 5555 or by email mcbsb@mcbcm.mu

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