Africa

After a calamitous year in EM bonds, market participants are wary of predicting how the next 12 months could play out. Few foresaw the war in Ukraine — and even fewer the Covid pandemic, which influenced volumes for the two previous years. But there is some hope of normalisation in 2023, as GlobalCapital’s poll of bankers and investors shows. By Francesca Young.

After a year of war, rate rises, inflation and political pressures on the CEEMEA region, fixed income markets have been badly shaken. Citi and JP Morgan’s vice-like grip on the top of the primary market league tables remains, though others have been forced to question their commitment to the emerging market bond markets. Francesca Young reports.

Outflows from EM bond funds are not far off the $100bn mark in 2022, writes George Collard.

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

African sovereign will exchange domestic bonds for new ones but no terms for Eurobonds yet

A proposal to reduce principal payments and freeze coupons could be beyond what is necessary

Sovereign will have to look outside of conventional bonds for cheaper funding

The petrochemicals company’s shares fell after it announced it will sell a $750m convertible

Meanwhile, Egypt is nearing its own IMF deal but should not need to restructure its debts

Powerful transaction provides long term cover for big portfolio

State-owned borrower signs loan after Ghana begins talks with IMF