Rwanda: New eurobond is attractive – initiate Buy
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Rwanda issued a new 10yr eurobond to strong demand, pricing at a yield of 5.5% versus our initial 6% +/- 0.25% forecast
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Bonds have rallied since, with rollover risks now reduced alongside strong growth and reform story
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High debt burden and large twin deficits mean a shift in growth model is needed; initiate Buy on new Rwanda 5.5% 2031s
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.