Africa Bonds
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Simon Denny, whom Barclays hired as head of banking for South Africa in 2019, is no longer with the firm. -
As the debate over emerging market debt restructuring rages on, market participants have expressed their frustration at the lack of clarity over the outcomes.
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Turkey, Cameroon and Latvia all entered international bond markets on Wednesday. Investors said the sovereigns are rushing to secure funding while conditions are still positive, amid the anticipation of rate rises.
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Several FIG issuers across CEEMEA entered bond markets to raise cash this week. Meanwhile, the pipeline for bank issuance is strong as issuers take advantage of attractive market conditions to bolster reserves.
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Emerging market investors took the US Federal Reserve’s indication on Wednesday that it would hike rates in 2023 in their stride, allowing Kenya to come to the bond market on Thursday.
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The Republic of Kenya will return to international bond markets this week after a two year hiatus. The mandate added to the growing pipeline of sub-Saharan African sovereign trades.
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At least three bank issuers across CEEMEA this week sold bonds of all different varieties. Emirates Development Bank, Ecobank Transnational and Ahli United Bank all tapped investors for dollar bonds.
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Georgian Railway and Togo-headquartered Ecobank Transnational launched a green bond and a sustainability-linked bond, respectively, on Thursday.
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Emerging market fixed income analysts are right to assert that the asset class is well placed to avoid a taper tantrum such as it endured in 2013. That does not mean issuers should not be hurrying up their funding plans.
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Ecobank Transnational is planning to debut in the sustainability bond market as Kuwait's Ahli United Bank prepares to enter the market for a sukuk. Emerging market issuers are continuing to flood the market amid concerns from some about the Federal Reserve tapering its asset purchase programme.
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Emerging market borrowers are flocking to the primary bond markets as ever more participants predict the US Federal Reserve will begin tapering its monetary stimulus, something that traditionally rings loud alarm bells for the asset class.
