Nebonitní dlužníci v subsaharské Africe

NEW YORK – Stále větší počet afrických vlád vydává v posledních letech eurobondy (dluhopisy denominované v eurech), čímž diverzifikuje tradiční zdroje financí, jako jsou zvýhodněné půjčky nebo přímé zahraniční investice. Jako první vydala eurobondy v hodnotě 750 milionů dolarů a s kuponem se sazbou 8,5% v říjnu 2007 Ghana, která se tak stala po třiceti letech prvním subsaharským státem kromě Jihoafrické republiky, jenž emitoval dluhopisy.

Tato premiérová subsaharská emise, u níž vznikl čtyřnásobný převis poptávky, vyvolala vlnu suverénních půjček v regionu. Devět dalších zemí – Gabon, Demokratická republika Kongo, Pobřeží slonoviny, Senegal, Angola, Nigérie, Namibie, Zambie a Tanzanie – Ghanu následovalo. Do února 2013 vybralo zmíněných deset států na premiérových emisích suverénních dluhopisů celkem 8,1 miliard dolarů při průměrné lhůtě splatnosti 11,2 let a průměrné úrokové sazbě kuponu 6,2%. Stávající zahraniční dluh těchto zemí přitom vykazoval průměrnou úrokovou sazbu 1,6% při průměrné lhůtě splatnosti 28,7 let.

Není žádným tajemstvím, že suverénní dluhopisy jsou spojené s podstatně vyššími náklady než zvýhodněné půjčky. Proč se tedy stále větší počet rozvojových zemí k emisím suverénních dluhopisů uchyluje? A proč věřitelé náhle pokládají tyto země za atraktivní?

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