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The familiar problem of inter-creditor opacity has also reappeared
Company in 'no doubt' a public trade would have delivered better pricing
As with other private placements from Africa, observers have questioned the merits of the format
Benin reaped the rewards of its sukuk debut last week, and will do so for years to come
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Mozambique’s battered sovereign bonds dropped to new lows this week after the IMF warned its public debt is at high risk of distress after concluding a fact finding mission to the country last Friday.
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Developing market debt has emerged as a stronghold as markets continue to adjust to the fallout from the UK’s EU referendum last week. While panic hit spreads at first, fund flows quickly returned and credit across the CEEMEA universe rallied.
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Sub-Saharan Africa’s credit markets are benefiting from Britain’s decision to leave the EU as well as a more dovish stance from the US Federal Reserve, with bonds rallying to new lows, according to EM specialists.
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Kenya Power and Lighting Company signed its $500m loan refinancing last week after extending the deal time to bring in more lenders.
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Mozambique’s battered sovereign bonds dropped to new lows on Monday after the IMF warned its public debt is at high risk of distress after concluding a fact finding mission to the country on Friday.
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PTA Bank, the African development finance institution, has signed a $340m three year loan largely from Chinese lenders.