Rwanda: New eurobond is attractive – initiate Buy

  • Rwanda issued a new 10yr eurobond to strong demand, pricing at a yield of 5.5% versus our initial 6% +/- 0.25% forecast

  • Bonds have rallied since, with rollover risks now reduced alongside strong growth and reform story

  • High debt burden and large twin deficits mean a shift in growth model is needed; initiate Buy on new Rwanda 5.5% 2031s
August 31st, 2021
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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").

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