North Africa
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The north African country thought to have no access to international debt capital markets -
CBoM follows Nigeria and Egypt in trading below reoffer as US Treasuries sell off
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EM sovereign's dollar deal could reach $4bn
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Jeffrey El Khoury joins the US bank from SocGen to replace James Sadler
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A market that has in previous years promised much but delivered little seems finally to be growing thanks to sovereign issuance
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Days after the Tunisian President Kais Saied shocked the world by freezing parliament and boosting his executive power, sources say that investors have little to be concerned about as conversations with the IMF continue to progress. The political saga, which some are calling ‘much-needed’, will not impact Tunisia’s ability to service its debt.
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A decade after the Arab Spring erupted in Tunisia, the country has found itself once again in the throes of a political crisis, sending shockwaves through investors. The president’s abrupt seizing of executive power — which some have labelled a coup — poses yet another challenge for the country, though some said there may be buying opportunities on the horizon.
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African Export-Import Bank launched a dual tranche dollar bond on Monday morning, with orders exceeding $3bn by midday. Emerging market bank issuers have been especially active in recent month thanks to attractive credit conditions.
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As its debt-to-GDP ratio inflates and its public finances come under pressure, some have wondered if Tunisia will succumb to a debt restructuring process. But the governor of the Central Bank of Tunisia, Marouane El Abassi, told GlobalCapital that the country is intent on securing new IMF funding as a prerequisite to entering capital markets.
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A consortium of international lenders is funding the development of Egypt’s largest solar plant.
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African Export-Import Bank, the multilateral bank headquartered in Cairo, has provided a term loan to OCP Group, a Moroccan phosphate miner and fertiliser producer.
