{"id":569712,"date":"2020-03-04T05:57:55","date_gmt":"2020-03-04T05:57:55","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/04\/the-real-problem-with-africas-pile-of-eurobond-debt-is-the-repayment-terms-not-just-the-amount-of-debt\/"},"modified":"2020-03-04T05:57:55","modified_gmt":"2020-03-04T05:57:55","slug":"the-real-problem-with-africas-pile-of-eurobond-debt-is-the-repayment-terms-not-just-the-amount-of-debt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/04\/the-real-problem-with-africas-pile-of-eurobond-debt-is-the-repayment-terms-not-just-the-amount-of-debt\/","title":{"rendered":"The real problem with Africa\u2019s pile of eurobond debt is the repayment terms, not just the amount of debt"},"content":{"rendered":"

The real problem with Africa\u2019s pile of eurobond debt is the repayment terms, not<\/strong> just the amount of debt<\/strong>, African Development Bank President Akinwumi Adesini tells Bloomberg<\/a>. Africa currently isn\u2019t facing a debt crisis, but governments seem to be avoiding negotiating more favorable terms for eurobond issuance and commercial loans. \u201cThe short-term maturity of some of these debts do not match the long-term revenue streams,\u201d he tells the business information service. \u201cYou are going to have to pay back when you are not earning money.\u201d<\/p>\n

There have been a lot of eurobonds coming out of Africa, and investors are biting because of high yields:<\/strong> In the past two years alone, African countries have issued USD 53 bn-worth of sovereign eurobonds, according to Bloomberg data. And over the past decade, a borrowing frenzy has pushed up African countries\u2019 FX-denominated debt pile to USD 115 bn, the Financial Times said last month<\/a>. USD-denominated African sovereign debt instruments have yielded 21% in 2019, which Bloomberg says outpaces all other emerging market regions. A lot of eurobond issuances from African countries are oversubscribed \u201cbecause people see [a chance] to make a killing,\u201d<\/strong> Adesini says.<\/p>\n

Some countries \u2014 including Egypt \u2014 have been moving to extend the maturity of their eurobonds<\/strong> in a bid to make their repayment feasible. Egypt\u2019s last USD 2 bn triple-tranche eurobond issuance in November<\/a> included a USD 500 mn tranche of 40-year bonds carrying a yield of 8.15%. The Finance Ministry said at the time that these are the longest-maturity bonds in the Middle East and North Africa. Ghana also reached the same milestone for sub-Saharan Africa when it issued USD 3 bn-worth of eurobonds last month that included a 40-year tranche, according to Bloomberg.<\/p>\n","protected":false},"excerpt":{"rendered":"

The real problem with Africa\u2019s pile of eurobond debt is the repayment terms, not just the amount of debt, African Development Bank President Akinwumi Adesini tells Bloomberg. Africa currently isn\u2019t facing a debt crisis, but governments seem to be avoiding negotiating more favorable terms for eurobond issuance and commercial loans. \u201cThe short-term maturity of some […]<\/p>\n","protected":false},"author":1,"featured_media":569713,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9272],"tags":[7098,1376,7106,72,3690,1510],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-569712","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-africa","tag-african-development-bank","tag-debt","tag-enterpriseam","tag-eurobonds","tag-the-macro-picture","wpautop","entry"],"acf":{"mongo_id":"f54f5dff-aab5-4169-8843-c15e5170a96c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/3\/58.jpg","photo_position":"above","related_issue":[569691],"teaser":"","voice_url":""},"yoast_head":"\nThe real problem with Africa\u2019s pile of eurobond debt is the repayment terms, not just the amount of debt - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/04\/the-real-problem-with-africas-pile-of-eurobond-debt-is-the-repayment-terms-not-just-the-amount-of-debt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The real problem with Africa\u2019s pile of eurobond debt is the repayment terms, not just the amount of debt\" \/>\n<meta property=\"og:description\" content=\"The real problem with Africa\u2019s pile of eurobond debt is the repayment terms, not just the amount of debt, African Development Bank President Akinwumi Adesini tells Bloomberg. 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The borrowing frenzy\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/267.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593048,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/17\/egypt-successfully-closes-usd-2-bn-triple-tranche-eurobond-issuance\/","url_meta":{"origin":569712,"position":1},"title":"Egypt successfully closes USD 2 bn triple-tranche eurobond issuance","author":"enterpriseam admin","date":"17 November 2019","format":false,"excerpt":"Egypt successfully closes USD 2 bn triple-tranche eurobond issuance in first int\u2019l debt auction for FY2019-2020: Egypt sold USD 2 bn-worth of four-, 12-, and 40-year USD-denominated eurobonds in an issuance that went to market on the Luxembourg Stock Exchange on Thursday, the Finance Ministry said. The offering was more\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/738.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559926,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/09\/egypt-sells-usd-3-75-bn-of-eurobonds-in-first-intl-debt-sale-of-2021\/","url_meta":{"origin":569712,"position":2},"title":"Egypt sells USD 3.75 bn of eurobonds in first int\u2019l debt sale of 2021","author":"enterpriseam admin","date":"9 February 2021","format":false,"excerpt":"Egypt sold USD 3.75 bn in USD-denominated eurobonds yesterday at \u201csignificantly lower\u201d yields than recent issuances, Reuters reports, citing a document from one of the banks working on the debt sale. Press reports had emerged last year suggesting that Egypt was planning a USD 3-4 bn EUR- or USD-denominated eurobond\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/151.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597949,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/09\/finmin-could-take-egypts-first-sovereign-sukuks-to-market-by-early-2020-looks-to-hike-cap-on-eurobond-issuances-through-fy2021-2022\/","url_meta":{"origin":569712,"position":3},"title":"FinMin could take Egypt\u2019s first sovereign sukuks to market by early 2020, looks to hike cap on eurobond issuances through FY2021-2022","author":"enterpriseam admin","date":"9 May 2019","format":false,"excerpt":"EXCLUSIVE- Egypt could take to market its maiden issuance of sovereign sukuks in early 2020, a senior government official tells us. Finance Ministry officials have met with executives from Abu Dhabi Islamic Bank and other GCC-based institutions to learn more about the process and the target markets. The ministry will\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/5\/1783.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592965,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/13\/egypts-eurobond-plans-come-as-issuances-in-the-middle-east-are-spiking-ft-says\/","url_meta":{"origin":569712,"position":4},"title":"Egypt\u2019s eurobond plans come as issuances in the Middle East are spiking, FT says","author":"enterpriseam admin","date":"13 November 2019","format":false,"excerpt":"Egypt\u2019s eurobond plans come as eurobond issuances in the Middle East are on the rise, currently accounting for 27% of all sovereign debt sales in emerging markets, according to the Financial Times. This is a marked departure from the region\u2019s eurobond activity back in 2016, when the Middle East accounted\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/11\/2826.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571763,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/31\/egypt-closes-record-usd-5-bn-eurobond-issuance-with-strong-appetite-from-global-investors\/","url_meta":{"origin":569712,"position":5},"title":"Egypt closes record USD 5 bn eurobond issuance with strong appetite from global investors","author":"enterpriseam admin","date":"31 May 2020","format":false,"excerpt":"Egypt closes record USD 5 bn eurobond issuance with strong appetite from global investors: Egypt sold USD 5 bn in eurobonds in its largest-ever international issuance, the Finance Ministry said in a statement. The issuance, which went to market on Thursday, 21 May, was 4.4x oversubscribed, having attracted bids for\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/5\/247.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/569712","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=569712"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/569712\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/569691"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/569713"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=569712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=569712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=569712"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=569712"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=569712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}