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Africa’s Bond Bonanza Finds Fewer Takers
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Bond issuance for African countries will continue in 2015 at a slower pace with the expectation of U.S. Fed raising interest rates in late 2015. In 2013 African countries raised $11 billion, and in 2014 $8 billion, compared to $1 billion in 2000, as these countries from Nigeria to Ghana raised money to finance infrastructure development. Ivory Coast plans to raise $1 billion in coming months, Tanzania plas to issue a dollar denominated bond. Senegal, Angola, Kenya and Ethiopia are issuing bonds to western investors and competing with other developing countries such as Bolivia, Guatemala and Romania for investors. Analysts say countries such as Ivory Coast, with a growth rate of 8% and prudently managed finances are considered "good issuers" in today's market.
Debt, credit ratings and borrowing costs for African countries- Nigeria, Tanzania, Kenya, Ghana, Angola, Rwanda
02/10/2015
Bond issuance by African countries which was only $1 billion in 2000, reached $11 billion in 2013, $8 billion in 2014, with the pace slowing in 2015 as the U.S. Federal Reserve is expected to raise interest rates in late 2015. African countries need infrastructure financing. IMF and World Bank loans are providing additional financing. African countries compete for western investors with Romania, Bolivia, Guatemala and other smaller developing countries.
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