Los endeudados de riesgo del África subsahariana

NUEVA YORK – En los últimos años, un número cada vez mayor de gobiernos africanos han emitido eurobonos, con lo que se han diversificado respecto de las fuentes tradicionales de financiación, como, por ejemplo, la deuda en condiciones favorables y la inversión extranjera directa. Ghana tomó la iniciativa al emitir en octubre de 2007 750 millones de dólares en eurobonos con un tipo de interés anual de 8,5 por ciento y se granjeó la distinción de ser el primer país subsahariano –aparte de Sudáfrica– que emitió bonos en treinta años.

Esa emisión subsahariana inicial, que se subscribió en exceso cuatro veces, desencadenó una orgía de endeudamiento soberano en esa región. Otros nueve países –Gabón, República Democrática del Congo, Costa de Marfil, Senegal, Angola, Nigeria, Namibia, Zambia y Tanzania– siguieron su ejemplo. En febrero de 2013, esos diez países africanos habían recaudado colectivamente 8.100 millones de dólares con sus primeras emisiones de bonos soberanos, con un vencimiento medio de 11,2 años y un tipo de interés anual medio de 6,2 por ciento. En cambio, la deuda externa vigente de esos países tenía un tipo de interés medio de 1,6 por ciento, con un vencimiento medio de 28,7 años.

No constituye un secreto que los bonos soberanos entrañan unos costos mucho mayores que la deuda en condiciones favorables. Así, pues, ¿por qué un número cada vez mayor de países en desarrollo está recurriendo a emisiones de bonos soberanos? ¿Y por qué los prestadores han considerado de repente dignos de interés esos países?

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