African sovereigns drag continent’s issuers to fore as Senegal deal flies
The African sovereign bond market has come of age, with debt bankers expecting this year’s successes to encourage debut transactions, as well as more regular issuance and diversification into euros from established names. Senegal’s seven times subscribed $500m 10 year bond this week was just the latest deal to surprise bankers, with an aggressive starting point and even tighter finish. But the current open mouthed surprise at what African sovereigns can achieve could soon be forgotten as deal after deal attracts a huge order book despite slim new issue concessions. Steven Gilmore reports.
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