28.03.2013 - Nigeria to South Africa race for first sukuk issue
Nigeria, South Africa and Senegal are vying to become the first African country to tap yield-chasing Middle East Islamic bond investors after borrowing costs in the Gulf tumbled. Nigeria and South Africa, the continentís largest economies, already have rules in place to sell the debt in a market where global demand outstrips supply. The average yield of African sovereigns is about a third higher than that of Islamic debt in the Gulf Cooperation Council after yields of the six-member group declined almost one percentage point over the past year to three per cent, according to indexes by JPMorgan Chase & Co and HSBC/Nasdaq Dubai...............................................Full Article: Source
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