{"id":15302,"date":"2012-10-05T17:33:08","date_gmt":"2012-10-05T15:33:08","guid":{"rendered":"http:\/\/www.myza.co.za\/10\/africa-money-zambia-eurobond-may-prove-africa-turning-point\/"},"modified":"2012-10-05T17:33:08","modified_gmt":"2012-10-05T15:33:08","slug":"africa-money-zambia-eurobond-may-prove-africa-turning-point","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/africa-money-zambia-eurobond-may-prove-africa-turning-point\/","title":{"rendered":"AFRICA MONEY-Zambia Eurobond may prove Africa turning point"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>By Tosin Sulaiman<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">JOHANNESBURG<\/span> Oct 5 (Reuters) &#8211; Zambia is about to become an<br \/>\nAfrican economic trend setter.<\/p>\n<p><span><\/span><\/p>\n<p>Its debut $750 million Eurobond, launched last month, was<br \/>\noversubscribed a spectacular 15 times and analysts say it could<br \/>\nprove a catalyst for a wave of debt issuance from some of the<br \/>\nfastest growing economies in the world.<\/p>\n<p><span><\/span><\/p>\n<p>After a trickle of African Eurobonds over the past few years<br \/>\nand a backdrop of excess global liquidity when Zambia came to<br \/>\nthe market, demand for the bond was expected to be feverish.<\/p>\n<p><span><\/span><\/p>\n<p>But even seasoned emerging market watchers were stunned by<br \/>\nthe $11.9 billion order book for the 10-year bond, issued with a<br \/>\n5.625 percent yield that is now trading around 5.3 percent.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;What?&#8221; exclaimed one analyst on hearing the news. &#8220;Excuse<br \/>\nme while I get myself off the floor.&#8221;<\/p>\n<p><span><\/span><\/p>\n<p>While many emerging market deals this year have had high<br \/>\nsubscription rates, it was a rare feat for a first time African<br \/>\nissuer with a B+ rating.<\/p>\n<p><span><\/span><\/p>\n<p>A debut $500 million bond from higher-rated Namibia last<br \/>\nOctober was oversubscribed five and a half times, while a<br \/>\nlong-awaited issue of the same size from Nigeria, Africa&#8217;s<br \/>\nsecond biggest economy, generated around $1.5 billion worth of<br \/>\norders.<\/p>\n<p><span><\/span><\/p>\n<p>Put into context, the size of the Zambia order book is<br \/>\nnearly double the gross domestic product of Rwanda.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Tosin Sulaiman JOHANNESBURG Oct 5 (Reuters) &#8211; Zambia is about to become an African economic trend setter. Its debut $750 million Eurobond, launched last month, was oversubscribed a spectacular 15 times and analysts say it could prove a catalyst for a wave of debt issuance from some of the fastest growing economies in the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-15302","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/15302","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=15302"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/15302\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=15302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=15302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=15302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}