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Zambia’s debt costs a harbinger for rest of continent

Image Credit: Zambia Reports

Zambia’s Eurobond sale two weeks ago suggests that the era of low cost borrowing for sub-Saharan Africa’s countries is at an end. A number of countries, including Ghana and Nigeria have indicated that plans to raise debt in the coming months. Zambia raised $1.25 billion offering a 9.38% yield, the most ever for an African issuer in the Eurobond market. While the issue attracted $2.5 billion in orders, it was a far cry from the almost $12 billion in orders Zambia’s 2012 bond sale attracted.

Read more at Bloomberg…

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