Africa Bonds
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The fuel supplier has earned multiple rating upgrades thanks to liability management exercises
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Tweaking the deal to meet IMF’s debt criteria may not take long
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Lack of progress on debt restructuring has been scaring investors away from EM bonds
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Bondholders take bigger upfront haircut in return for more lucrative VRI some say will punish Zambia
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Bondholders have pushed for variable rate instruments, but governments are reluctant
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The victorious opposition has already backtracked on some of its more worrying plans
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Egypt and Tunisia are in a stickier state than Kenya but investors expect them to survive near-term
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East African sovereign gets to grips with debt management with new issue that yielded 10.375% at reoffer
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Investors are happy Kenya is preparing for its upcoming $2bn maturity
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◆ Primary market for banks flying but will property burst the bubble? ◆ Japan to debut transition bond as SLLs fall out of favour ◆ Kenya back in bond market
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Investors had been worrying Kenya could default on $2bn bond
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Index inclusion meant ‘huge’ technical demand for Benin’s first in dollars
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One syndicate banker off the trade was impressed by starting level as orders ballooned
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The countries' euro curves trade at similar levels, but Benin will have to come wider in dollars
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The trade should go well, said observers, after Ivory Coast's success last week
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Pair of loans with support from Bpifrance, AfDB and IsDB offer two ways to raise capital
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Sirima will stay till June when major bond needs repaying
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Other African sovereigns will be encouraged by the return of fresh issuance but many have no pressing need to print
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African sovereign tightened to close to where observers put fair value
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Steady fundamentals and technical support means there will be demand, said investors
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The development bank's high ratings will not preclude emerging market investors from buying
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FAB and Saudi Arabia are likely comparables to the social bond
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Issuing a bond in 2024 will look very different from when many sovereigns last came to the market
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Sovereigns have managed to source other financing while bond markets have closed to them
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Sovereign’s debt has traded at distressed levels this year but bonds have rallied
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New bond volumes surged from 2022, but are still far lower than in previous years
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Many of the region’s states that have market access feel little need to issue new bonds
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Communication has been a problem, said one bondholder
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The sovereign has agreed a two-year debt payment standstill with official creditors
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Official creditors do not believe a deal with bondholders ensures comparability of treatment
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Questions linger over state contingent debt instrument used to bring sides together but agreement brings saga closer to end
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Securing a deal similar to Eskom's debt relief would cheer investors, said one banker
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The coup has made the already tough task of issuing a new bond in Africa even more difficult
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The military takeover comes just a month after Gabon issued a blue bond
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Investors have ESG concerns about South Africa, but commodity risk is the main worry