Africa Bonds
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A proposal to reduce principal payments and freeze coupons could be beyond what is necessary -
Investors happier to buy new issues but pricing a problem for borrowers
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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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First restructuring under common framework could set an important precedent
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Support from Chinese creditors was a big step forward in a process which has been conducted at a glacial pace
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Investors saw William Ruto as the more market-friendly of Kenya’s potential presidents
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The telecoms firm has cut international debt to 35% of total
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Recovery in sentiment has wobbled in run-up to Jackson Hole
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MTN Mauritius to take out dollar debt
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Kenya has breathing room with no redemptions due until the summer of 2024
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Other borrowers may have limited time to take advantage
