(FT.com) Ethiopia is planning to issue its first eurobond tomorrow after finishing off an investor roadshow in New York today, and will become the second-poorest country on record to tap the international debt market.
Ravenous demand for higher-yielding debt has encouraged a slew of countries previously shut out of international bond markets to issue securities for the first time – including Rwanda, Senegal, Azerbaijan and Zambia.
Even countries with (very) patchy history of repaying creditors – like Ecuador and Greece – have been welcomed back.
Ethiopia is one of the poorest countries in the world, with a gross domestic product per capita of just $1,240 (adjusting for PPP) according to the World Bank. A successful issue would make it the second-poorest country ever to tap the international bond market, after the Republic of Congo in 2007.