Two weeks before the $1bn bond offering, there were investor roadshows in Los Angeles, San Francisco, Boston, New York and London (the same destinations as before the 2012 offering). The final allocations by industry were as follows:
Fund managers where the biggest buyers of the offering as was the case in 2012. Their appetite for yield remains as strong as it was in 2012. Investors from the USA took up 56% percent of the offering (same as 2012) – this shouldn’t be a surprise because the US economy led developed nations out of the financial crisis and has looked quite strong since then. US investors do not have as strong a presence as Chinese investors in Zambia as of yet. It will be interesting to see if this changes over the next few years – perhaps some Zambia-focused Exchange Traded Funds could kick that off?
Trying to decipher this puzzle that is Zambia by using a variety of publicly available data (structured and unstructured) in conjunction with my own skill/experience. * * *