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Africa

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◆ Why emerging market issuers are doing less in dollars ◆ Republic of Congo located between rock and hard place ◆ The GlobalCapital Podcast was brought to you by the numbers 17, 100 and the whole Alphabet
The yield was ultra high but Congo had little room to manoeuvre
Benin showed Islamic issuance is a viable market for sub-Saharan African sovereigns
Observers have questioned why the country is issuing debt at this price
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  • Puma Energy has returned to the debt markets to redeem its outstanding 2021s and in doing so will provide investors with a nice lump of cash to reinvest in a new offering of debt.
  • The poll is open for GlobalCapital’s Equity Capital Markets Awards for 2017 and we invite market participants to have their say on the best performers of last year.
  • After spooking the market with allusions to debt ‘renegotations’ earlier this week, the Angolan Ministry of Finance has issued a statement saying it “stands behind all the debt obligations to its lenders.” It added that it will look to buy back its short term debts, while looking to obtain better terms on long term debts.
  • Emerging market borrowers will front-load their funding tasks in 2018, according to several EM bankers who are predicting a busy month.
  • Angola left emerging market fund managers confused on Wednesday, after announcing that it was looking to renegotiate the terms of its outstanding external debt. But while the news initially filled the buy-side with dread, analysts believe that the sovereign is referring to a renegotiation of its bilateral debt, though a Eurobond restructuring is still possible.
  • Emerging market bond fund managers say they are markedly more optimistic than 12 months ago when the "whole world was negative" after the start of Donald Trump’s US presidential term. And with plenty of sovereign trades rumoured for January, there is an abundance of investment opportunities.