Africa
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Inclusion of a variable rate instrument was not acceptable to official creditors -
Oil producer's cost of funding has fallen hundreds of basis points since February
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Sovereign's Eurobond began about 40bp back of fair value, said leads
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The country is one of the most vulnerable in EM to energy price shocks
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Demand allowed the pan-African bank to tighten the yield by 50bp
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Books were more than five times the deal size, which was capped
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Huge geographical range of credits now on offer
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The subordinated debt premium was smaller than that offered by some other EM hybrid issuers
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At London investor day, supranational reveals deals and plans for new funding and investments, including fully African project financing
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The company is the only corporate issuer in North Africa, making it popular for investors
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The company should benefit from a rise in fertiliser prices due to the Iran war
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Nigeria plans a total return swap, following peers on the continent in the last 12 months
