Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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Five year bond set to be priced much tighter than the development bank's last senior issue
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
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Republic of Mozambique completed a successful debt exchange this week, but the deal heralds the swansong of African private placements, according to senior emerging market bankers. Virginia Furness reports. -
The Republic of Mozambique’s new 2023 sovereign bonds, the result of a debt exchange of bonds sold by the state owned tuna fishing company Ematum, rallied around 20 points in the secondary market on Thursday, despite complaints over a ‘surprise’ loan.
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Strong demand was expected to propel South Africa’s new 10 year note to a successful conclusion, with a 35bp-50bp concession tantalising investors before the US open, despite a political crisis in the country.
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South Africa is looking to add another point to its dollar curve and has mandated banks for a 2026 bond amid attempts to impeach its president, Jacob Zuma.
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When Mozambique was forced to disclose a near $800m bilateral agreement part way through the exchange offer for Ematum bonds, investors were angry. But even with that last hiccup, they’ve been gifted a bargain.
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Republic of Mozambique’s new 2023 sovereign bonds, the result of a debt exchange process of Ematum bonds, are due to settle on Wednesday. But some investors are claiming the process has done lasting damage to the country's reputation in the capital markets.
