Economic and political problems in North African countries mean unless international investors change their minds on risk, prospects for bond issuance are dim. The country may be on the cusp of securing IMF help and has also received heavy investment from Gulf neighbours, which could make it more attractive to foreign bond investors. “It’s difficult for anyone in EM to issue right now but very difficult for North African sovereigns,” said a London-based EM fund manager. Francophone Morocco last issued a bond in December 2020, selling a $3bn note, its first in dollars in seven years. “It’s not just investors worried about the political situation in North Africa.

Source: The North Africa Journal May 11, 2022 08:33 UTC