撒哈拉以南非洲的次级借款人

纽约—近几年来,越来越多的非洲政府发型了欧元债券,在优惠贷款和外国直接投资等融资手段之外开辟新的资金来源。2007年10月,加纳政府敢为非洲之先,发型了7.5亿美元的欧元债券,票面利率8.5%,这是30年来首个撒哈拉以南国家(除南非之外)发行债券。

这一撒哈拉以南债券首发获得了四倍的超额认购,掀起了地区主权借贷潮。其他九个国家——加蓬、民主刚果、科特迪瓦、塞内加尔、安哥拉、尼日利亚、纳米比亚、赞比亚和坦桑尼亚——纷纷效而仿之。2013年2月,这十个非洲经济体总共从主权债务首发中筹集了81亿美元,平均期限11.2年,平均票面利率6.2%。相比之下,这些国家的存量外债平均利率为1.6%,平均期限为28.7年。

毫不奇怪,主权债务的借款成本远远高于优惠贷款。那么为何越来越多的发展中国家寻求发行主权债务?贷款人为何突然认为这些国家值得信赖?

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