Ethiopia completes $1 billion debut Eurobond

Ethiopia has completed raising $1 billion (Sh90 billion) with its debut Eurobond with a term of 10 years and coupon rate of 6.625 per cent, in an offer that had been “oversubscribed”.

Ethiopia is the latest African country to receive a strong response on its first foray into the international debt markets. Investors have been eyeing Africa’s sturdy growth rates and Ethiopia’s economy is now expanding by about nine per cent a year.