Monday, October 20, 2014

Ethiopia Picks Three Leading International Banks For Debut Eurobond Issue

(Oct 20 , 2014, (ADDIS ABABA, (BERNAMA-NNN-ENA))--Ethiopia has chosen three international banks -- BNP Paribas, Deutsche Bank and JP Morgan -- to arrange the country's debut Eurobond issue following its decision to enter the international bond market.

The bond is likely to be for a minimum 10-year tenure. Ethiopia, rated B1 by Moody's and B by both Standard & Poor's and Fitch Ratings, is expected to issue the bonds by the end of 2014 or in early 2015.

The country has decided to join the Eurobond market in a bid to diversify its sources to financing for mega projects it is undertaking or has proposed. In its ratings, Fitch assigned Ethiopia a long-term foreign and local currency Issuer Default Debt Rating (IDR) of B with a stable outlook.

Standard & Poor's meanwhile has assigned Ethiopia B/B foreign and local currency ratings and said the outlook for Africa's second most populous country was stable.  Read more from Bernama - Malaysian National News Agency

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