African bonds: Putting the past behind it?

Dominic Dudley
Published on:

For all the excitement about African Eurobonds, things have not always gone smoothly for investors in recent years.

In 2008, the Seychelles defaulted on more than $311 million in debt while in 2010 Côte d’Ivoire defaulted on its $2.3 billion Eurobond – it was not until June this year that it resumed coupon payments.

In Gabon, the government has missed a number of payments to its Eurobond sinking fund, leading Standard & Poor’s to...