There is a cost to paying off a Eurobond with local debt, The $750M Eurobond got paid. Somebody else is paying for it. ⠀ To fund the repayment, government raised N$13bn in the domestic debt market. ⠀ That is N$13bn pulled out of the same well that funds mortgages, SME loans, and working capital. ⠀ When the biggest borrower in the country muscles into the queue, everyone behind pays in higher rates and tighter credit. ⠀ Foreign creditors were made whole. The local market was left thinner. That is what crowding out feels like. ⠀ #Namibia #Eurobond #Liquidity #AfricanMarkets #GlobalArbitrage