The unprecedented wave of social and political unrest that has rolled across north Africa and the Middle East - unseating political leaders in its wake - has taken its toll on Africa’s financial markets. Prices fell slightly on Nigeria’s $500m debut Eurobond shortly after its launch on January 21, and spreads on other dollar bonds - including 2007 issues from Gabon - widened as a result of the uncertain political situation.
Africa’s markets have had other crises to contend with. Amidst its own political crisis, on February 1 Côte d'Ivoire defaulted on the $2.3bn bond it issued in March 2010, when the country restructured all of its six defaulted Brady bonds.
