Bank of Sharjah is marketing a new US dollar bond, and the issuer will likely have to field tricky questions on one of its major shareholders after Standard & Poor’s slashed the Emirate of Sharjah’s rating by two notches at the end of January.
After recovering from civil war, Côte d’Ivoire had been a bright spot amid growing gloom in Sub-Saharan Africa
The rapid rise in hard currency public sector debt in emerging market countries is combining with the weakening of EM currencies to create substantial economic and credit rating risks, Fitch has warned.
Angola’s balance of payments crisis has worsened, even as the oil price begins to rebound, and the government has turned to the International Monetary Fund to help shore up its stricken public finances.
The revelation that Mozambique had not disclosed US$1bn of debt underscores the governance challenges in Sub-Saharan Africa that are undermining investor confidence amid a commodity and currency rout.