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
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The country is in better shape than neighbours despite a blow from the war in Ukraine
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Bookrunner hails borrower’s “outstanding” result versus its regular curve despite pricing north of 10% barrier
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Last year's emerging market sell-off meant Egypt lost access to the primary bond market
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The hospital operator completed a €107.6m deal
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Egypt would be the first B rated issuer to print a Panda bond
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Egypt is mulling a Panda debut but its traditional investor base may also be receptive to a deal
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Sovereign will have to look outside of conventional bonds for cheaper funding
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Meanwhile, Egypt is nearing its own IMF deal but should not need to restructure its debts
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The north African country thought to have no access to international debt capital markets
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CBoM follows Nigeria and Egypt in trading below reoffer as US Treasuries sell off
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EM sovereign's dollar deal could reach $4bn
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Jeffrey El Khoury joins the US bank from SocGen to replace James Sadler