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Secondary market selling of private bonds may be wreaking havoc with the primary market for public debt but the trades were still the right thing to do
Sovereign's $3bn deal tightens well as Asian demand returns
The sovereign's public and private bonds of similar maturities are trading over 25bp apart
Data
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Bondholders take bigger upfront haircut in return for more lucrative VRI some say will punish Zambia
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Borrowers remain wary even with conditions ‘as good as you can imagine’
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New team will straddle public and private sides as syndicate heads take new roles
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Modest demand for AT1 in primary amid big recent supply and caution around elections
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Bondholders have pushed for variable rate instruments, but governments are reluctant
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The victorious opposition has already backtracked on some of its more worrying plans
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Sponsored by European Investment Bank
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