Africa
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A trio of very different bond issuers issuers have spotted an issuance window -
There would still be hurdles and an agreement may even make defaults more likely
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North African sovereign draws big order book but investors more worried about reliving 2022
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“Rumours of the demise of the EM market have been greatly exaggerated”
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Both tranches from the rare issuer tighten by 25bp
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Analysts say the short-term risk of Nigeria falling into debt distress is low
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The country is in better shape than neighbours despite a blow from the war in Ukraine
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Bookrunner hails borrower’s “outstanding” result versus its regular curve despite pricing north of 10% barrier
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Orders topped $4.5bn despite pricing starting above level that some in market think sustainable
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Chinese creditors have demanded an end to the status enjoyed by multilateral lenders
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Last year's emerging market sell-off meant Egypt lost access to the primary bond market
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Middle East borrowers pushing issuance records already for February with more to come
