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Africa

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Pod 'sell America'


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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  • The Central Bank of Nigeria decided on Tuesday to leave its rates on hold but, despite concerns that that would create further difficulties for the economy, Nigeria’s Eurobonds rallied 30bp overnight as investors focused more on oil prices than policy decisions.
  • The Central Bank of Nigeria decided on Tuesday to leave its rates on hold, but despite concerns that this will plunge the economy into further difficulties, Nigeria’s Eurobonds rallied 30bp over-night as investors focus more on oil prices than policy decisions.
  • Markets opened with a more positive tone on Monday after comments from Saudi Arabia buoyed oil prices and the European Central Bank boosted confidence last week. But with many US bankers snowed in at home, EM issuers are holding back.
  • Emerging markets bankers were treated to a new name on Monday as Banque Ouest Africaine de Développement (BOAD) announced a roadshow for its debut bond.
  • Indian company UPL is making a return to the international syndicated loan market after a break of nearly 10 years with a $200m borrowing.
  • Nigeria will have to pay a yield of over 9% to access the international markets as it plans its first Eurobond for three years, according to Exotix.