Africa Bonds
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South African bonds will do very well under some outcomes, but others pose a big risk -
Some African corporates will be watching Helios’ deal, but not all can follow it
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The company is one of the strongest pure African corporates, said a lead
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The fuel supplier has earned multiple rating upgrades thanks to liability management exercises
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Tweaking the deal to meet IMF’s debt criteria may not take long
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Lack of progress on debt restructuring has been scaring investors away from EM bonds
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Bondholders take bigger upfront haircut in return for more lucrative VRI some say will punish Zambia
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Bondholders have pushed for variable rate instruments, but governments are reluctant
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The victorious opposition has already backtracked on some of its more worrying plans
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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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East African sovereign gets to grips with debt management with new issue that yielded 10.375% at reoffer
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Investors are happy Kenya is preparing for its upcoming $2bn maturity
