Rwanda to sell first Eurobond 'within 2 to 3 years'

May 09, 2011

Rwanda is preparing for the sale of its first Eurobond and the government has contacted Standard & Poor's to obtain a sovereign rating, Bloomberg reports.

"We expect to be really ready for the market in the next two to three years", said Finance Minister Jhon Rwangomba, during the World Economic Forum on Africa.

The rating will allow the country to raise capitals at the right cost on the international markets, in order to finance spending on infrastructure projects in the energy and transport sector.

Rwanda has already received a B rating from Fitch.

The African Development Bank is also investigating helping Rwanda sell a 'diaspora' bond, destined for Rwandans living abroad, according to the news source.

This announcement follows the report this week that the best-performing emerging market bond of 2011 is the Ivory Coast's $2.3 billion (€1.5 billion) issue.

JP Morgan told the Financial Times that this bond is up 25 per cent for the year to date.