Africa Bonds
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MTN Mauritius to take out dollar debt -
Kenya has breathing room with no redemptions due until the summer of 2024
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Other borrowers may have limited time to take advantage
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China's support means a deal could be agreed by year-end
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There are technical reasons for such wide spreads, in particular very low liquidity
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Africa sovereign spreads hit hard despite oil price surge
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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
