In Africa, the main story was not just about new funding sources, but also the arrival of new issuers, as investors turned optimistic about the continent’s success. First-time benchmark-sized Eurobonds by African sovereigns became a stamp of approval for these countries’ economic prospects, and will encourage further capital flows.
In January 2011, Nigeria was the first African sovereign to issue a benchmark debut issue with a 10-year $500 million deal. Senegal followed in May with a $500 million 10-year deal.
However, the debut sovereign Eurobond from the Republic of Namibia on October 27 perhaps best encapsulates the trend of sovereigns that were previously unknown to international markets now being able to grab investors’ attention.
Peter Baillargeon, director of debt capital markets at Standard Bank, joint bookrunner alongside Barclays Capital, says:
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For full details and the story behind this deal, click here