Amid the rhetoric, pro and con, around Rwanda, the impartial voice of
the marketplace has spoken, with a ringing endorsement of its economic
turnaround and prospects for continued growth.
Last week, Rwanda’s debut on the global bond market raised $400
million with an offering that was heavily over-subscribed by nearly
eight times. Final yield on the 10-year bonds of 6.875% was less than
reported expectations in the low-7% area, due to strong buyer interest.
Proceeds will go to repayment of bank loans, infrastructure such as
a hydro power project, expansion of the national airline RwandAir, and
the completion of a convention center in the capital of Kigali.
The successful bond issue triggered a flurry of enthusiastic postings
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