One deal apologists for Lehman Brothers might not cite was its raising almost $300 million for an island nation of just 80,000 people. Indeed, the Seychelles looks a likely candidate for the title of Africa’s first sovereign Eurobond defaulter of the new millennium.
The Eurobond interest payment due at the beginning of October is Seychelles’ first since it defaulted on a €55 million private note this summer. But even if the state meets this payment, renewing the $230 million Eurobond through commercial means when it matures in 2011 looks likely to be difficult.
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