Aug 30, 2023
Gabon’s dollar-denominated bonds fell by more than 13 cents on Wednesday after the military said it had seized power in the west African nation, according to Tradeweb data.
The 2025 maturity fell the most, by 13.238 cents on the dollar to 79.673 cents at 0724 GMT. The 2031 maturities fell 9.8 and 10 cents.
A group of senior military officers in Gabon claimed to have seized power in the early hours of Wednesday, minutes after the Central African state’s election body announced that President Ali Bongo had won a third term.
That bond, which was meant to generate savings for marine conservation, has political risk insurance from the U.S. Development Finance Corporation (DFC). It barely moved on the news, trading at just above par at 100.173 cents.
The DFC did not immediately respond to a request for comment.
REUTERS
