Africa

North African sovereign draws big order book but investors more worried about reliving 2022

“Rumours of the demise of the EM market have been greatly exaggerated”

Both tranches from the rare issuer tighten by 25bp

Analysts say the short-term risk of Nigeria falling into debt distress is low

The country is in better shape than neighbours despite a blow from the war in Ukraine

Bookrunner hails borrower’s “outstanding” result versus its regular curve despite pricing north of 10% barrier

Orders topped $4.5bn despite pricing starting above level that some in market think sustainable

Chinese creditors have demanded an end to the status enjoyed by multilateral lenders

Last year's emerging market sell-off meant Egypt lost access to the primary bond market

Middle East borrowers pushing issuance records already for February with more to come

The South African retail conglomerate is seeking capital to reduce its leverage

Emerging market bond investors are confident the stellar start to the year can continue, particularly after the US Federal Reserve did little to dampen their spirits at its latest monetary policy meeting this week