Africa Bonds
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FAB and Saudi Arabia are likely comparables to the social bond -
Issuing a bond in 2024 will look very different from when many sovereigns last came to the market
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Sovereigns have managed to source other financing while bond markets have closed to them
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Sovereign’s debt has traded at distressed levels this year but bonds have rallied
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New bond volumes surged from 2022, but are still far lower than in previous years
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Many of the region’s states that have market access feel little need to issue new bonds
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Communication has been a problem, said one bondholder
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The sovereign has agreed a two-year debt payment standstill with official creditors
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Official creditors do not believe a deal with bondholders ensures comparability of treatment
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Questions linger over state contingent debt instrument used to bring sides together but agreement brings saga closer to end
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Securing a deal similar to Eskom's debt relief would cheer investors, said one banker
