Lower oil prices will have a broad impact on global growth, exports and fiscal accounts over the long term. In general, lower prices are a good thing for both developed and emerging markets, though of course there will be losers.
Sovereign creditworthiness has deteriorated for Zambia and several net oil exporters - Angola, Congo-Brazzaville, Gabon and Nigeria. We expect the eurobonds of these countries to underperform regional peers as investors price in the elevation in risks.
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