麦格理-新兴市场-投资-什么在吸引着我？军队哗变或违约，都不是问题-20170908-Macquarie-What caught my eye v.79 Army mutiny＆ default-no problems.pdfVIP

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麦格理-新兴市场-投资-什么在吸引着我？军队哗变或违约，都不是问题-20170908-Macquarie-What caught my eye v.79 Army mutiny＆ default-no problems.pdf

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GLOBAL What caught my eye? v.79 Army mutiny default – no problems In this issue we ask whether investors are running unacceptable EM risks. In Jan’17 mutiny broke out in the Ivory Coast with troops taking control of the key cities. While resolution was found within 72 hours, a follow on mutiny occurred in May. Since independence in 1960, Ivory Coast regressed from one of France’s most prosperous former colonies into a state wrecked by coups and civil wars. It has also been a serial defaulter. In ‘11 it suspended payments on ‘10 bonds, which in turn were issued as part of re-structuring of securities issued in ‘98, which were part of re-structuring of loans made in ‘70s-80s. Despite this Inside chequered history and less than a month after the latest mutiny, the country in Point of no return – world of no rates 2 Jun’17 attracted almost US$10bn in bids for US$1.9bn issuance at 6.25% for 16 years and 5.125% for eight years. In the same month investors placed US$9bn EM Equities – better way to get exposure 8