Dollar bonds due 2025 and 2031 lost about a tenth of their market value as European trading began, posting the biggest declines among emerging-market peers. Mining group Eramet SA, oil-and-gas producer Maurel & Prom and a listed unit of TotalEnergies SE fell in Paris amid surging volumes.
“Central Africa does not have the same recent history of military coups as West Africa but I still think there will be concern of contagion,” he said. “In Cameroon and Republic of Congo in particular, there is a similar discontent with the long-time rule and the prospects of a dynastic transitions.” The bond losses will concern investors who had taken part in the country’s recent debt-for-nature swap, an increasingly popular means of fund-raising for countries committing to environmental protection. The $500 million deal helped the country reduce its debt and lock in funds for marine conservation.
Eramet’s high-yield senior unsecured bonds due May 2028 dropped by 7 cents on the euro to 93.2. Bonds maturing in 2025 lost 3 cents to 97.3.
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