The “Genghis bonds” issued by Mongolia last week might already be losing its sparkle as political turmoil rocks the country. But the specter of political risk hasn’t deterred investors from piling in on Morocco’s dual-tranche $1.5bn offering on Wednesday.
The North African country, which is under pressure to plug budget gap and avert the kind of protests that have swept the wider Middle East, received about $6bn of orders for the 10-year $1bn tranche of the issue, allowing it to price the bond at a yield of just 4.25 per cent. The 30-year $500m tranche of the issue, priced at a yield of 5.5 per cent, received $2bn in orders, a source told beyondbrics.
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