Africa Bonds
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There was no new issue premium when the $1.75bn dollar bond priced on Tuesday -
The country has a 'big following' from investors
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Country's curve has been 'bulletproof' compared with other African sovereigns
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Debt levels were far higher than reported under the previous government, as was the deficit
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The new debt will pay for a tender of existing notes maturing in 2026
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Sovereign pays zero new issue premium as books for 10 year deal top $4.9bn
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East African sovereign could print $1bn-$1.5bn, depending on demand for the tender
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Issuance volumes net positive for first time in years
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African governments will consider this weekend setting up mutual support mechanism
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Gabon now has three years to get its house in order
