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@jsphctrl.ft.com

Some light on another facet of the rise of sovereign total return swaps - they can be farmed out to other investors, as FAB may be considering with its Nigeria swap. Senegal TRS may have similarly been shopped around, but this is not a public or visible market. www.bloomberg.com/news/article...

bloomberg.comFirst Abu Dhabi Bank Seen Syndicating $5 Billion Nigeria Swap

Joseph Cotterill

@jsphctrl.ft.com

Since bondholders mostly expect Senegal to pay off its own TRS before its looming restructuring, there is a good reason why investors might want pieces of them. There's a decent chance they'll be established as super-senior as a norm.

1/10/26, 10:39 am0 reposts2 likes

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