Africa Bonds
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The government has enacted impressive reforms since 2023, but revenue collection is still weak -
Hunt is on for ready issuers after bond prices recover
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Senegal bonds are trading at distressed levels and there is a risk of restructuring
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Big hitters may have come to market but volumes are down
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Demand peaked at $1.6bn, allowing Axian to reduce the yield by 50bp
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Investors have welcomed a naira devaluation, but it has hurt banks in Nigeria
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The company is 'very well run', said one buyer
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Gold prices have dropped but are still way higher than recent levels
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The premium to its secondary curve was 'minimal', said a source involved
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Both companies will benefit from a gold price one banker called 'amazing'
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The gold price has jumped by 7.5% since it first unveiled plans to issue
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Africa’s first covered bonds could appear in the coming months
