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Africa

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  • Angola’s ministry of finance has been given approval to issue up to $2bn of Eurobonds this year though concerns about the country’s rising debt servicing costs led S&P to downgrade it to B- on Friday.
  • South African mobile operator Cell C completed the restructuring of its debt this week, following a R16.4bn ($1.2bn) recapitalisation by new and existing shareholders.
  • Gabon on Monday raised $200m with a reopening of its bonds maturing 2025 in a week that has also kept investors in African Eurobonds on their toes with a no-confidence vote in South Africa and presidential elections in Kenya.
  • African politics had the focus of EM bond investors on Wednesday morning with South Africa’s president Zuma surviving a no-confidence vote, and Kenya’s presidential vote looking like a victory for the incumbent, Uhuru Kenyatta. Africa has also provided this week’s only new issue, a $200m tap from the Gabon.
  • Gabon on Monday placed a $200m reopening of its 2025s with no new issue premium in what bankers described as good trade all round.
  • Gabon reopened its 2025s on Monday morning to take advantage of a recent five cash point rally in its debt.