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Ivory Coast acts on defaulted debt

Source: http://danfonds.blogspot.com/2009/09/ivory-coast-acts-on-defaulted-debt.html
Posted on Tuesday, September 29th, 2009 | In Frontier Markets, Investing Lessons
Contributed by: Daniel Broby (http://danfonds.blogspot.com) -

The Ivory Coast has reached a deal to restructure Euro 2.2bn of defaulted sovereign debt with the London Club of commercial creditors. Holders of the six Brady bonds will be able to swap the debt for a new USD denominated bond maturing 31 December 2032. The exchange is scheduled to take place no later than 31 March 2010 and follows an agreement with the Paris Club of sovereign creditors earlier this year. br /br /The Ivory Coast is going to offer a discount of 20 percent on the exchangeable debt. There will be 34 semi-annual payments on the new bond, starting from 30 June 2016. Interest will begin to accrue from 31 December 2009. The outstanding debt consists of three Euro-denominated and three dollar-denominated bonds maturing in 2018 and 2028.div class=”blogger-post-footer”img width=’1′ height=’1′ src=’https://blogger.googleusercontent.com/tracker/3742382075154765669-3673022270987711034?l=danfonds.blogspot.com’ alt=” //div

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About Daniel Broby (http://danfonds.blogspot.com)
Danfonds Frontier Markets blog tells the story of the life and times of a Frontier Market's Hedge Fund. Care is taken to avoid any exposure of confidential information and names and places are withheld to upheld the integrity of our many friends in the industry. Please note that this is a blog. It does not constitute investment advice or an offer to invest. Any interpretation otherwise is just plain stupid. Frontier markets can be risky and volatile.

Daniel Broby joined Danfonds Aps from Renaissance Investment Management (UK) Limited where he was Chief Executive Officer. He held various roles and responsibilities throughout the RIM group, principally those of Chief Investment Officer, Head of Asset Management and Director of the Renaissance Africa Fund. His roles involved extensive travel to and from offices in Moscow, Kiev, Nairobi, Geneva and London. In addition to the day to day management of the group’s various investment teams, he also oversaw the successfull launch of the Renaissance Africa Fund, the Global Macro Fund for RIM (UK) and the successfull launch of the offshore Renaissance Russia Infrastructure Fund for RIM.

Prior to Renaissance Investment Management he was a member of the BankInvest Investment Board and joint manager of BankInvest Basis, a flagship global product, rated five stars on Morningstar. Daniel joined Bankinvest, Denmark's third largest asset manager, as chief investment officer in 2000, responsible for the investment process and the day-to-day running of the quoted equity, bond and guaranteed products. He transferred these responsibilities in July 2004 and launched Denmark’s first and only regulated hedge fund on behalf of Bankinvest in November 2005. Daniel joined the fund management industry at the end of 1985 as a trainee at Credit Suisse Buckmaster and Moore. Prior to his role at BankInvest, he was chief portfolio manager at Nordea Investment Management and prior to that head of international research at Morgan Stanley Quilter.

Daniel has an MPhil in economics and an MSc in investment analysis. He was a board member of CFA (UK) for over 10 years. He was the CFA Institute’s President Council Representative for Europe, Middle East and Africa for four years and was presented with the Institute’s Society Leader Award in 2006. He now serves as a member of the Capital Markets Policy Council. He was elected an individual member of the London Stock Exchange in 1990 and is a Fellow of the Securities Institute in the UK.

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