Resources on Securitization Markets in Africa

This page exists as a knowledge-sharing hub for understanding experiences, best practices, and lessons learned in African securitization markets, with a focus on Cote d'Ivoire, Ghana, Kenya, Nigeria, and South Africa.
 
Use the links below to see regulations, past transaction details, and research and publications on each country. 

Cote d'Ivoire»
Ghana»
Kenya»
Nigeria»
South Africa»

 

African Securitization Markets

Cote d'Ivoire

Legal / Regulatory Environment

• 2016 Decision CREPMF N°2016_116 - Agrément FCTC - TAIBA TITRISATION (French)

• 2018 Décision N°PCR-DA-2017-193_Agrémént du fonds commun de tritisation de créance du FCTC ENERGIES 5 (French)

• Règlement FCTC (French)
   

Deal information

• FCTC NSIA Decision (French)

• FCTC NSIA Note d' Information 2020-2025 (French)

• FCTC NSIA WARA Rating (French)

• FCTC NSIA WARA Analysis, Feb. 2020 (French)
   

Press

• “COFINA launches its first securitization of receivables amounting to 10 billion CFA francs,” Kapital Afrik, 12 April 2018
   

PPTs

• “Securitization in Cote d'Ivoire,” Africa Link Capital
  
   

Ghana

Articles

• “Ghana sells less than targeted of 10-year energy bond,” Reuters, 6 November 2017

• “Issuance of energy sector bond is a success - Technical Advisors,” Business Ghana, 13 November 2017
  
   

Kenya

Legal / Regulatory Environment

• Insolvency Act of 2015

• CMA Policy Guidance Note on Asset Backed Securities 2017

• Kenya Securitisation Guide 2019, ICLG

• Kenya: Securitisation 2020, Chambers and Partners
  
   

Nigeria

Legal / Regulatory Environment

• CBN Guidance Notes on the Calculation of Capital Requirement for Credit Risk

• SEC Rules on Securitization

• Securitization and its Regulations in Nigeria, George Emoti & Partners
   

Deal information

• CERPAC | Agusto-Rating-Report-CTTL CERPAC

• CERPAC | 2018 Prospectus

• CERPAC | GCR Rating on CTTL-2018

• CERPAC | Executed-CERPAC-CP-Programme-Memorandum

• CERPAC | DLM Advisory Securitisation Experience

• NMRC | Base-Shelf-Prospectus-2015

• NMRC | S2-Pricing-Supplement-Executed

• Primero | GCR Accords an Indicative Rating to Primero BRT Securitisation SPV’s Series 1 Fixed Rate Bonds

• Primero | Future Flow Securitization, Dun Loren Merrifield

• Primero | Primero-Pricing-Supplement
   

PPTs

• “Securitization in Africa: Highlighting the Benefits to Investors in Nigeria,” DLM’s Sonnie Ayere

Articles

• “Innovative Financial Solutions from DLM Capital Group Helps in Bridging the Transportation Gap in Lagos Nigeria,” Global Banking & Finance Review, 6 April 2020
  
   

South Africa

Legal / Regulatory Environment 
 

• Financial Markets Act of 2012 

• “Structured finance and securitisation in South Africa: overview,” Thomson Reuters Practical Law 
  
   

Additional Resources

• GCR-Securitisation-101 

• GCR-Criteria for Rating Structured Finance Transactions 

• GCR-Criteria for Rating Consumer Asset Backed Securities 

• GCR-ABS Cash Flow Model 

• GCR-Criteria for Rating Residential Mortgage Backed Securities 
  
   

Contact Us

To learn more about the Milken Institute's work on developing securitization markets in African countries, or to get involved in our ongoing work, contact Alison Harwood, Senior Fellow-in-Residence at [email protected] or John Schellhase, Associate Director for Global Market Development at [email protected].


The Milken Institute will be adding additional resources to this page on a regular basis. If you would like to contribute useful resources, please reach out using the contact details below.