(Bloomberg) -- Gabon’s international bonds sank the most on record and shares of European companies operating in the West African country tumbled as a military coup spooked investors chasing the nation’s oil sector and conservation projects.Most Read from BloombergCitadel Vets 69,000 Intern Applicants to Find Next Math GeniusesPutin Agrees to Visit China in First Trip Since Arrest WarrantWhat to Do With a 45-Story Skyscraper and No TenantsSingapore Money Laundering Case Embroils City’s Banking G
Dollar bonds due 2025 and 2031 lost about a tenth of their market value as European trading began, posting the biggest declines among emerging-market peers. Mining group Eramet SA, oil-and-gas producer Maurel & Prom and a listed unit of TotalEnergies SE fell in Paris amid surging volumes.
“Central Africa does not have the same recent history of military coups as West Africa but I still think there will be concern of contagion,” he said. “In Cameroon and Republic of Congo in particular, there is a similar discontent with the long-time rule and the prospects of a dynastic transitions.” The bond losses will concern investors who had taken part in the country’s recent debt-for-nature swap, an increasingly popular means of fund-raising for countries committing to environmental protection. The $500 million deal helped the country reduce its debt and lock in funds for marine conservation.“The debt for nature swap has been completed and will thus not be affected directly,” Bohlund said.
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