Morocco's spectacular debut in the dollar-denominated bond market this month is good news for other countries that have been affected by the Arab Spring uprisings and may try to borrow money overseas next year.
The Moroccan government's success in issuing $1.5 billion of bonds, which drew about $12 billion in orders and were bought mostly by U.S.-based investors, was partly due to low yield levels globally and foreign investors' desperation for returns.
But it also signalled investors were willing to accept a substantial amount of political risk in the Arab world - which is heartening for countries such as Egypt and Tunisia, where governments are struggling to finance budget deficits but have recently faced flare-ups of political unrest.
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