North Africa
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OCP and Sisecam dual tranche dollar deals fly, Kuwait International Bank sells AT1
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Deals are expected to go well, as investors have requested more of the paper
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Yields on Egypt bonds have returned to the 10% area that can allow primary market access
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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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Al Gaseer moves to vice chair of GCIB
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Sovereigns have managed to source other financing while bond markets have closed to them
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Sovereign’s debt has traded at distressed levels this year but bonds have rallied
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Japanese investors are keen on investment grade rated African debt
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Without an IMF deal Tunisia will struggle to get any more funding from bilateral partners
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North African sovereign draws big order book but investors more worried about reliving 2022
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“Rumours of the demise of the EM market have been greatly exaggerated”
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Both tranches from the rare issuer tighten by 25bp