Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Investors were eager to tender their bonds despite initial resistance
Inclusion of a variable rate instrument was not acceptable to official creditors
Oil producer's cost of funding has fallen hundreds of basis points since February
Sovereign's Eurobond began about 40bp back of fair value, said leads
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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.
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Gabon on Monday placed a $200m reopening of its 2025s with no new issue premium in what bankers described as good trade all round.
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Gabon reopened its 2025s on Monday morning to take advantage of a recent five cash point rally in its debt.
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Republic of Congo is in technical default after a $21m interest and principal payment on its Eurobond maturing 2029 did not reach investors during the 30 day grace period. The government announced plans to issue a Eurobond in its budget for the second year running, but international market access is likely to be closed until the problem is resolved, according to analysts.
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A solitary capital increase from Monday was the stand-out trade of a meagre bunch in equity capital markets this week, with the IPO market on pause until September.
