Sovereign Analysis /
Rwanda

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

Rwanda: New eurobond is attractive – initiate Buy
Patrick Curran
Tellimer Research
31 August 2021
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