Africa in focus as Turkish corp pipe builds
African politics had the focus of EM bond investors on Wednesday morning with South Africa’s president Zuma surviving a no-confidence vote, and Kenya’s presidential vote looking like a victory for the incumbent, Uhuru Kenyatta. Africa has also provided this week’s only new issue, a $200m tap from the Gabon.
South Africa’s five year credit default swap opened 6bp wider, said one investor, on Wednesday after South Africa’s national assembly voted against the no-confidence motion on president Zuma. The vote came in at 198 to 177 with nine abstaining.
In Kenya, it appears as though Kenyatta will
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