I mutuatari subprime dell'Africa subsahariana

NEW YORK – Negli ultimi anni, un numero crescente di governi africani ha emesso eurobond diversificando così le proprie attività rispetto a fonti di finanziamento tradizionali, come il credito agevolato e gli investimenti diretti esteri. Prendendo l’iniziativa nell’ottobre 2007, con l'emissione di eurobond per 750 milioni di dollari a un tasso cedolare dell’8.5%, il Ghana è stato il primo paese dell’Africa subsahariana, a parte il Sudafrica, a emettere prestiti obbligazionari in trent'anni.

Questa prima emissione, quattro volte eccedente il numero di titoli da collocare, ha provocato un’ondata d'indebitamento sovrano tale che altri nove Paesi – Gabon, Repubblica Democratica del Congo, Costa d’Avorio, Senegal, Angola, Nigeria, Namibia, Zambia e Tanzania – hanno seguito l'esempio ghanese. Nel febbraio 2013, queste dieci economie africane avevano ricavato complessivamente 8,1 miliardi di dollari dall’emissione di titoli sovrani con una scadenza media di 11,2 anni e un tasso cedolare medio del 6,2%. D’altro canto, il debito estero esistente di questi Paesi era associato a un tasso d'interesse medio dell'1,6% con una scadenza media di 28,7 anni.

Non è un segreto che i titoli sovrani implicano interessi passivi notevolmente più alti rispetto al credito agevolato. Allora, perché sempre più paesi in via di sviluppo li emettono? E perché all'improvviso i creditori trovano questi Paesi appetibili?

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