Africa Bonds
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Africa sovereign spreads hit hard despite oil price surge -
Early June optimism proves to have been yet another false dawn
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Investors see little reason to play in primary
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But a busy holiday period means borrowers may have to wait until into June to test the market
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Borrowers must be ready to jump into picky primary markets as stigma of failure falls
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EM borrowers have little to lose by approaching investors. Cowering in the corner could have a higher price
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EM borrowers turning to bank finance but loan market window will not last forever
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Primary market activity in EM remains quiet due to US Treasury volatility
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Rising interest rates to combat inflation mean borrowing will become ever more expensive
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Investors express preference for shorter, smaller deals
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Yet another spike in volatility serves as reminder of deterioration in fundraising conditions
