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 suggest in September that the government’s “fiscal management has deteriorated in recent months”.
Such episodes are a timely reality check, but they do not seem to be putting off investors to any great extent.
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