Africa Bonds
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Book attrition rates rise and coverage ratios decline -
New agreement not a done deal, but this is the furthest Ethiopia has got to in restructuring its bonds
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The trade, like previous yen issuance, carries a guarantee
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Five year bond set to be priced much tighter than the development bank's last senior issue
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Investors were eager to tender their bonds despite initial resistance
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Inclusion of a variable rate instrument was not acceptable to official creditors
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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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The subordinated debt premium was smaller than that offered by some other EM hybrid issuers
