Ethiopia emerges as a market that investors can’t ignore


Issue 291 - 18 Dec 2014
The success of Ethiopia’s $1bn, ten-year sovereign bond issue, to provide hard currency to finance infrastructure investment, has chalked up another significant triumph for its ‘developmental state’ – a highly centralised form of societal organisation that has delivered positive economic results despite exhibiting deeply-rooted authoritarian tendencies. Despite a range of potential political and economic risks, outlined in the bond’s 108-page prospectus, the poorest country ever to tap the global sovereign market attracted bids worth $2.6bn for a $1bn offer, at a competitive 6.625% interest rate.

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