Gabon moved forward with Africa's first debt-for-nature swap on Tuesday in a deal that saw the country buy back a nominal $500 million of its international debt and price an equal size eco-friendly blue amortizing bond that will mature in 2038.
on Tuesday in a deal that saw the country buy back a nominal $500 million of its international debt and price an equal size eco-friendly blue amortizing bond that will mature in 2038.
The new $500 million 15-year 'blue bond' was priced on Monday with an interest rate of 6.097% - a spread of 200 basis points above U.S. Treasuries, two sources with knowledge of the deal told Reuters. In the case of Gabon, the U.S. International Development Finance Corporation is providing political risk insurance for the new issue. The DFC, which provided a similar insurance for recent deals in Ecuador andGabon's beaches and coastal waters host the world's largest population of leatherback turtles, with estimates putting it at nearly a third of the global population of the endangered species.
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