Angola hit with $200mn JPMorgan margin call as African bonds tumble

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Financial Times 3d ago

Angola hit with $200mn JPMorgan margin call as African bonds tumble - Financial Times

Quick Summary:

This week the bonds were marked down from just under 100 cents on the dollar to as low as 85 cents on Monday.

Some nations such as Kenya, Egypt and Pakistan have turned to IMF bailouts in the last year to limit the risk of refinancing their debts in the years ahead while committing to painful reforms.

Yields for Gabon, another African oil producer, also rose to about 15 per cent this week, as preparations by Opec for an increase in output over April and May also hit oil prices.