North Africa
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Without an IMF deal Tunisia will struggle to get any more funding from bilateral partners -
North African sovereign draws big order book but investors more worried about reliving 2022
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“Rumours of the demise of the EM market have been greatly exaggerated”
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Both tranches from the rare issuer tighten by 25bp
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The country is in better shape than neighbours despite a blow from the war in Ukraine
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Bookrunner hails borrower’s “outstanding” result versus its regular curve despite pricing north of 10% barrier
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Last year's emerging market sell-off meant Egypt lost access to the primary bond market
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The hospital operator completed a €107.6m deal
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Egypt would be the first B rated issuer to print a Panda bond
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Egypt is mulling a Panda debut but its traditional investor base may also be receptive to a deal
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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
