Africa Bonds
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◆ Primary market for banks flying but will property burst the bubble? ◆ Japan to debut transition bond as SLLs fall out of favour ◆ Kenya back in bond market -
Investors had been worrying Kenya could default on $2bn bond
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Index inclusion meant ‘huge’ technical demand for Benin’s first in dollars
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One syndicate banker off the trade was impressed by starting level as orders ballooned
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The countries' euro curves trade at similar levels, but Benin will have to come wider in dollars
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The trade should go well, said observers, after Ivory Coast's success last week
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Pair of loans with support from Bpifrance, AfDB and IsDB offer two ways to raise capital
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Sirima will stay till June when major bond needs repaying
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Other African sovereigns will be encouraged by the return of fresh issuance but many have no pressing need to print
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African sovereign tightened to close to where observers put fair value
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Steady fundamentals and technical support means there will be demand, said investors
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The development bank's high ratings will not preclude emerging market investors from buying
