The chances of Afreximbank getting involved in a debt restructuring have increased, JPMorgan said on Tuesday, while also upgrading its recommendation on the lender’s bonds to overweight, citing valuations in the wake of the Fitch downgrade.
The African trade and development lender has been at the centre of a standoff over whether the loans it extended to Ghana and Zambia – two countries that recently defaulted – are in scope for restructuring or not.
Fitch downgraded Afreximbank’s credit rating to one notch above junk earlier this month, with a negative outlook, citing high credit risks and weak risk-management policies and pegging Afreximbank’s non-performing loans at 7.1% at the end of 2024.
Afreximbank says that as a multilateral lender it has preferred creditor status, which protects its loans from restructurings in Ghana, Zambia and Malawi.
Also Read: Afreximbank Helps Nigeria Secure $3.3 Billion Crude Oil Prepayment Facility
“If the bank gets involved in a restructuring (the chances of which have increased…), Fitch could downgrade the bank further from IG (investment grade) to HY (high yield) at some point, which could lead to some forced selling of bonds,” JPMorgan said in a research note.
However, the adjustment in valuations on Afreximbank’s 2029 and 2031 bonds following Fitch’s downgrade now made the bonds “attractive” with both maturities trading 75 basis points wide of the average across other BB-BBB rated bonds.
This compensates for the risk of further adverse rating actions on the bank, which are possible, JPMorgan’s Konstantin Rozantsev added in the note.
Great ? I should definitely pronounce, impressed with your site. I had no trouble navigating through all the tabs as well as related info ended up being truly easy to do to access. I recently found what I hoped for before you know it in the least. Quite unusual. Is likely to appreciate it for those who add forums or something, website theme . a tones way for your customer to communicate. Nice task..
Thanks for every other wonderful article. The place else may anyone get that type of information in such an ideal method of writing? I’ve a presentation next week, and I am on the look for such info.
affordablecanvaspaintings.com.au is Australia Popular Online 100 percent Handmade Art Store. We deliver Budget Handmade Canvas Paintings, Abstract Art, Oil Paintings, Artwork Sale, Acrylic Wall Art Paintings, Custom Art, Oil Portraits, Pet Paintings, Building Paintings etc. 1000+ Designs To Choose From, Highly Experienced Artists team, Up-to 50 percent OFF SALE and FREE Delivery Australia, Sydney, Melbourne, Brisbane, Adelaide, Hobart and all regional areas. We ship worldwide international locations. Order Online Your Handmade Art Today.
Thanks for your recommendations on this blog. A single thing I want to say is purchasing electronics items from the Internet is not something new. Actually, in the past few years alone, the marketplace for online electronics has grown substantially. Today, you can get practically almost any electronic device and tools on the Internet, including cameras plus camcorders to computer components and video gaming consoles.
I consider something really special in this internet site.
Heya i am for the first time here. I found this board and I find It really useful & it helped me out much. I hope to give something back and aid others like you helped me.
My spouse and I absolutely love your blog and find a lot of your post’s to be exactly I’m looking for. can you offer guest writers to write content in your case? I wouldn’t mind writing a post or elaborating on a few of the subjects you write regarding here. Again, awesome blog!
Thanks for some other informative site. Where else may just I get that kind of info written in such a perfect means? I’ve a challenge that I am simply now working on, and I have been on the look out for such information.
เล่นสล็อตฟรี ผู้เล่นมือใหม่หรือแม้แต่เซียนที่อยากทดลองเกมใหม่ สามารถใช้ระบบทดลองเล่นได้ฟรีโดยไม่ต้องสมัครสมาชิก คุณจะได้เรียนรู้ระบบเกม สัญลักษณ์ ฟีเจอร์ต่าง ๆ รวมถึงทดสอบความถี่ของโบนัสว่าคุ้มค่า ทดลองเล่นสล็อตโรม่า
Youre so cool! I dont suppose Ive read anything like this before. So good to search out any individual with some unique thoughts on this subject. realy thank you for beginning this up. this website is one thing that is needed on the web, someone with just a little originality. helpful job for bringing one thing new to the internet!
hi!,I like your writing very much! share we communicate more about your post on AOL? I require a specialist on this area to solve my problem. Maybe that’s you! Looking forward to see you.
I?¦ve been exploring for a little for any high quality articles or weblog posts in this kind of house . Exploring in Yahoo I ultimately stumbled upon this website. Studying this info So i?¦m glad to express that I’ve a very good uncanny feeling I came upon just what I needed. I most undoubtedly will make sure to do not put out of your mind this site and provides it a glance on a constant basis.
Super-Duper website! I am loving it!! Will come back again. I am bookmarking your feeds also.
I think this site holds some really fantastic info for everyone :D. “Years wrinkle the skin, but to give up enthusiasm wrinkles the soul.” by Samuel Ullman.
I’m really impressed with your writing skills as well as with the layout on your weblog. Is this a paid theme or did you customize it yourself? Anyway keep up the excellent quality writing, it’s rare to see a great blog like this one today..
Would love to incessantly get updated great site! .