Papua New Guinea’s $500 million debut sovereign bond marks an important step for the Pacific nation.
It is quite a feat. This is the third time the country has at least started the process of raising a sovereign bond. It tried through Barclays, BNP Paribas and JPMorgan in 2013, then met fixed income investors in 2016, but did not move to a formal roadshow.
This attempt, through joint leads Credit Suisse and Citi, faced particular challenges: a single B-rated first-time emerging market issuer, launching during a period of capital flight from the emerging world amid the threat of a US-China trade war and rising rates globally.
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