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.
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.
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.
Voting began today in Senegal’s presidential election, with incumbent Abdoulaye Wade vying for a third term after violent protests that threaten to damage the second-biggest economy in West Africa’s currency union.
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.
Zambia’s debut dollar-bond sale has opened the way for record issuance that risks overstretching government borrowing less than seven years after Africa’s biggest copper producer was unable to pay its debt.
Belize’s dollar bonds are rallying the most in emerging markets after the Central American nation improved a restructuring offer that was worse than what Argentina gave creditors following its 2001 default.
Venezuelan debt returned the most in emerging markets this month as investors boosted holdings of the oil producer’s bonds on speculation President Hugo Chavez’s deteriorating health will prevent him from seeking re-election.
Belize’s notes are the worst performers in emerging markets this month as the Central American nation’s budget deficit widens and concerns grow that the government will force holders of $544 million of bonds to take losses in a restructuring.