Ethiopia’ upcoming Eurobond could be $2 billion

From The Africa Report

Ethiopia hopes to raise as much as $2 billion through a 10-year Eurobond later this year, senior central bank advisor Elias Loha said on Wednesday.

“We are looking at around 2 (billion dollars)” Loha told Reuters on the sidelines of an investment conference. “It will be very shortly, within a month or two,” he said adding it would definitely take place this year.

It will be very shortly, within a month or two

Ethiopia raised $1 billion with a debut 10-year Eurobond in December 2014, joining a string of African issuers that had capitalised on foreign appetite for emerging market debt, although some of that enthusiasm has waned in recent months.

The coupon on that bond was 6.625 percent. “We expect the yield to be stable or less than, but not over (last year’s issue),” Loha added.

 

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