Africa
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Egypt would be the first B rated issuer to print a Panda bond -
Egypt is mulling a Panda debut but its traditional investor base may also be receptive to a deal
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African sovereign will exchange domestic bonds for new ones but no terms for Eurobonds yet
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A proposal to reduce principal payments and freeze coupons could be beyond what is necessary
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Sovereign will have to look outside of conventional bonds for cheaper funding
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The petrochemicals company’s shares fell after it announced it will sell a $750m convertible
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Meanwhile, Egypt is nearing its own IMF deal but should not need to restructure its debts
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Powerful transaction provides long term cover for big portfolio
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State-owned borrower signs loan after Ghana begins talks with IMF
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Banks were keen on the borrower despite Ghana’s financial woes
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First restructuring under common framework could set an important precedent
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Support from Chinese creditors was a big step forward in a process which has been conducted at a glacial pace
