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The Republic of Congo has restructured its month-old $600m securitised Eurobond, after the original structure of the issue failed to attract a sufficiently broad base of investors.
The 10-year transaction was launched on January 4, and was arranged by Hong Kong-based capital markets group Qwinzy Capital.
In its original form, the deal consisted of $600m worth of sovereign risk zero-coupon bonds, priced at a discount and backed by oil receivables owed to the Congolese government by Italian state-owned oil company Agip, which has long-term drilling rights in the Congo.
Those terms, however, proved unattractive to some investors, particularly those banks and institutions governed by Bank for International Settlements rules on credit risk, who were not satisfied by the Congo's sovereign guarantee, Qwinzy's managing director Amir Steven Johan said last night.
"It wasn't that we hadn't seen any interest in...