Africa
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Tweaking the deal to meet IMF’s debt criteria may not take long -
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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Development finance institution gains new lenders with oversubscribed loan increased to $1.6bn
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Yields on Egypt bonds have returned to the 10% area that can allow primary market access
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◆ Kenya deal ducks default but two more countries in crosshairs ◆ Transition finance after historic Japanese bond sale ◆ How the IPO revival is a boon for the loan market
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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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Al Gaseer moves to vice chair of GCIB
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Experienced banker takes over as AFC expands rapidly
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East African sovereign gets to grips with debt management with new issue that yielded 10.375% at reoffer
