Triple-A bonds for EM a reality after Miga guarantee
The first ever bond backed by the World Bank’s Multilateral Investment Guarantee Agency (Miga) has aroused keen interest across developing economies after shaving hundreds of basis points off pricing for Hungary’s Export-Import Bank, writes Steven Gilmore.
The structure gave the 5.5 year debt a triple-A rating, though its novelty and complexity meant that it still took two months to close.
“Since Miga started looking at how to use this type of insurance in the capital markets we’ve received a lot of interest from arranging
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