Gabon increased the yield guidance on Eurobonds it plans to sell as part of an exchange of $1 billion of existing debt after initial rates were criticized by Standard Bank Group Ltd. and Jefferies Group Inc. as too low.
Citigroup Inc. said it is opening Zambia’s local bond market to foreign investors with a global depositary note program that will meet demand for higher- yielding securities from Africa’s biggest copper producer.
Three bond restructurings totaling about $9.7 billion in the Caribbean this year are failing to ignite economic growth and may not help the region avoid more defaults, according to Moody’s Investors Service.
Rwanda, which starts marketing $400 million of debut Eurobonds this week, is counting on investor demand for African debt that enabled Zambia to increase the size of its first dollar bonds in September and Tanzania to lure four times the amount it sought last month.
Jamaica’s borrowing costs are surging to the highest level in nine months after defaults by two Caribbean neighbors combine with the region’s slowest economic growth prospects to undermine investor confidence.
The International Finance Corp. raised the size of its debut Nigerian local-currency bond sale to 12 billion naira ($76.3 million) after investors sought more than twice the amount initially offered amid pent-up demand for debt of Africa’s biggest oil producer.
Ghana’s cedi is sinking to record lows and shares of state-run companies are falling on prospects that Ghana’s Supreme Court will cancel President John Dramani Mahama’s election win and put at risk an improving economy.
Middle Eastern bonds have been offering a lower yield premium than Latin American debt for the longest stretch in six years, as Argentine and Venezuelan inflation concerns investors more than Arab uprisings.