Good signs from emerging markets-Africa
Emerging markets (read
Most realistic propositions then and now were Nigeria the frontier regions biggest economy and Kenya, due to the presence in both of functioning secondary debts markets, albeit much less liquidity than Jo’burg-South Africa.
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| $750 million 10 yr Eurobond, launched in 2007 with a coupon of 8.5%, was yielding about 9.3% last week. |
| $1 billion ,10 yr Eurobond, launched in December 2007 with a coupon of 8.2% is yielding 8.37% |
| Has not issued international bonds. Domestic 10 yr government paper was yielding 9.9% in the secondary market last week. |
| Has secondary market but activity is sporadic at best, with days or even weeks elapsing between trades. |
| Lacks a secondary market, but is having to issue debt to finance infrastructure development. |