Nigeria has closed Africa’s biggest Eurobond’s issuance this year, and might raise more


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Earlier this week, Nigeria successfully issued three tranches of Eurobonds on the international capital markets, its first such operation since November 2018. While the country had planned to raise between $3bn and $6.2bn, the order book peaked at a whopping $12.2bn, enabling the government to settle for a healthy $4bn from foreign investors. The issuance […]

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African governments have developed a taste for Eurobonds: why it’s dangerous


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by Misheck Mutize Post Doctoral Researcher, Graduate School of Business (GSB), University of Cape Town International financial markets have opened a window for African governments to diversify their funding sources from traditional multilateral institutions and foreign aid. For example, they can now borrow through issuing Eurobonds – these are international bonds issued by a country […]

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In 6 Months, Benin Has Raised Over 10% of its GDP in Eurobonds


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In January, Benin had kicked off Africa’s financial year with a historic €1bn Eurobond issuance split in two tranches. In July, it continued to tap global capital markets and became Africa’s first nation to issue an SDG-link Eurobond that raised another €500m. In total, the small country of 12m people, often overshadowed by its big […]

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