Ematum casts off original leads to tap 2020s

Ematum, a government agency of Mozambique, last week quietly tapped the $500m 6.305% 2020s it sold in September for a further $350m via VTB Capital, a bank not on the original note. Investors said the Russian bank swooped after offering Ematum a permanent EMBI-eligible size and greater distribution into the US, though the tap was anchored by a large London order.

  • By Francesca Young
  • 04 Oct 2013
“It’s a great opportunity for VTB Capital and an investment in a market that’s going to see a lot of growth and a lot more supply,” said Andrew Cornthwaite, VTB Capital’s head of international coverage and head of international global banking in London. “What’s striking about this deal ...

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