Africa Bonds
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The tender formed part of a debt-for-nature swap, the bond issue priced earlier this week -
BofA-led transaction came wider than many expected and left several EM accounts in the dark
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Treasury yields jumped 30bp higher from when Gabon announced the debt-for-nature swap
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Most sovereigns have light near-term maturities, meaning investors would rather they show patience
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Unlike some debt-for-nature issuing predecessors, Gabon's bonds were at far from distressed levels
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Debt-for-nature swap is a first for an African sovereign
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Without an IMF deal Tunisia will struggle to get any more funding from bilateral partners
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LatAm hopes for better but rate risks still loom large
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Creditors will also be looking to claw back what Zambia owes on its Eurobonds
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Eager investors appear willing to ignore hawkish signs with more borrowers likely to contemplate 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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Evidence emerges of banks discriminating over lending and bond mandates
