VOL. XLVII

No 04

26-January-2004

ENERGY FINANCE

Algeria's Sonatrach Concludes $70mn Bond Issue

Algerian oil and gas company Sonatrach said on 9 December that it had concluded a $70mn bond issue with five local banks. The bond, which carries an interest rate of 2.99%, was arranged by BEA (Banque Exterieure dAlgerie) and attracted the interest of local financial institutions including CNEP (the national savings bank), CNAC (the pension fund), and CAAT (the Algerian insurance company). These banks...