Africa
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The development bank had to pause plans for the original trade in 2022 -
Three high yield trades on Tuesday drew healthy demand
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Not long ago five year bonds yielded over 20% and investors were worried about debt distress
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Some have questioned why the issuer is running a tender for 2032 bonds alongside its new issue
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Although DRC exposure a challenge for some, copper is popular sector and ‘bellwether’ EM buyers are in book
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High yield from an issuer with major oil and gas players as shareholders attracts investors
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Hybrid capital issuance in emerging markets is picking up after a quiet few years
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Both are high quality companies in difficult operating environments
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The trade will be the country’s second in dollars in the past year
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Hybrid bonds are rare in the Gulf and even harder to find in Africa
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New faces will join those that need to refinance existing bonds
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Variation over fair value calculations but deal still performs
