Africa Bonds
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Oil producer's cost of funding has fallen hundreds of basis points since February -
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
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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
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Demand allowed the bank to cut the yield by 35bp
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The country offers huge potential and possible pitfalls for investors
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A piece of very rare African senior bank issuance could also come this week
