Kenya
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Egypt and Tunisia are in a stickier state than Kenya but investors expect them to survive near-term
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East African sovereign gets to grips with debt management with new issue that yielded 10.375% at reoffer
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Investors are happy Kenya is preparing for its upcoming $2bn maturity
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Investors had been worrying Kenya could default on $2bn bond
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Sirima will stay till June when major bond needs repaying
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Sovereigns have managed to source other financing while bond markets have closed to them
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Many of the region’s states that have market access feel little need to issue new bonds
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Authorities are making headway in improving finances but pitfalls lie ahead of $2bn maturity in 2024
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There would still be hurdles and an agreement may even make defaults more likely
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Investors saw William Ruto as the more market-friendly of Kenya’s potential presidents
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Kenya has breathing room with no redemptions due until the summer of 2024
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The debutant already has orders for nearly half the $300m target
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Emerging market investors took the US Federal Reserve’s indication on Wednesday that it would hike rates in 2023 in their stride, allowing Kenya to come to the bond market on Thursday.
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The Republic of Kenya will return to international bond markets this week after a two year hiatus. The mandate added to the growing pipeline of sub-Saharan African sovereign trades.
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A number of sub-Saharan African sovereigns are eyeing the Eurobond market, after a year that saw dismally low levels of capital markets issuance from the region. But investors are still on the hunt for yield, market participants say, which can be found in abundance in Africa.
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Negotiations between the International Monetary Fund and some emerging market countries are yielding mixed results. While some sub-Saharan African sovereigns are making progress in their talks, Ukraine's long-running saga to unlock emergency funding has been unsuccessful so far.
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GlobalCapital has launched its poll to determine the 2019 winners of its Sustainable and Responsible Capital Markets Awards. Market participants are invited to participate.
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Kenya hit screens on Wednesday with a dual tranche bond. Investors said initial price thoughts looked generous and so the leads were able to cut the yield by more than had been expected during execution.
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The Republic of Kenya has released initial price guidance for its latest bond issue, which two emerging markets bond investors deemed generous.
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The hopes of emerging markets participants proved well founded on Wednesday when US Federal Reserve chair Jerome Powell pulled back from the aggressive trajectory of rate hikes previously promised.
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Thirteen emerging market sovereigns will face their first bond market redemptions over the next seven years and, with financing conditions set to become more difficult, market participants are watching them carefully.
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Seven new banks have joined Stanbic Kenya's loan, which will be signed on Thursday, leading to a heavy oversubscription, but the borrower declined to take any more money than the $100m it had set out to raise.