Zambia overstretching its debt

Comment on this story


AfricaMap

http://sxc.hu/

Lusaka - Zambia’s debut dollar-bond sale has opened the way for record issuance that risks overstretching government borrowing less than seven years after Africa’s biggest copper producer was unable to pay its debt.

The country, which had more than $6 billion of loans cancelled by creditors including the World Bank by 2006, raised $750 million with its first international sale in September.

As much as $4.5 billion of international bonds are now planned by companies from the nation’s power utility to its railway operator and road builder, while municipalities are seeking to follow a maiden debt sale by the capital, Lusaka.

Debt may jump to more than 35 percent of gross domestic product if all sales go ahead, Richard Odumodu, head of fixed income at London-based Silk Invest, said by phone January 30.

Zambia’s borrowings rose to 27 percent of the country’s $19.2 billion economy at the end of 2011, according to data compiled by Bloomberg.

The government is financing road, rail and power projects to pull the nation, ranked 164th of 187 countries on the United Nation’s Human Development Index, from poverty.

“There is a lot of liquidity in international markets and a lot of that is looking for a home in high-yield instruments,” Yvette Babb, an emerging-market strategist at Johannesburg-based Standard Bank, Africa’s largest lender, said by phone January 16.

“There are question marks as to how those organisations would be able to service that debt.”

Emerging-market bonds returned a record 14 percent in local currency terms last year, compared with 5.7 percent for the global fixed-income market, according to indexes compiled by JPMorgan Chase and Bank of America.

Forgiven Debts

The World Bank started cancelling $37 billion in debt for up to 40 of the poorest countries in 2006, scrapping $2.7 billion owed by Zambia that helped bring its borrowings down to $500 million in July of that year from $7.2 billion a year earlier.

The Zambian government is “aware and awake” to its debt obligations and “will not be carried away,” Deputy Finance Minister Miles Sampa said in a January 9 interview.

“You start getting to a point that the debt forgiveness followed where it was running at around 88 percent of GDP,” Silk Invest’s Odumodu said.

The yield on Zambia’s Eurobond due September 2022 rose to 5.12 percent on February 1 from a record low of 5 percent on January 25.

The 12-basis point increase compares with a 23 basis-point jump in rates on Nigeria’s $500 million dollar-denominated bonds due January 2021 to 4 percent.

Average emerging-market yields have climbed 4 basis points since reaching a record low of 5.39 percent January 23, according to JPMorgan indexes.

‘Too Far’

Exotix, a London-based frontier-market investment bank, cut Zambia’s sovereign debt from “buy” to “hold” on January 22.

Investors shouldn’t chase the rally in emerging-market bonds further, because it “has gone too far too soon,” Exotix said.

Zesco, the power utility, may seek $1 billion to $2 billion in local and international debt, including bonds, this year, while Zambia Railways plans to sell $500 million of debt in the next six months.

The Lusaka City Council wants to raise $500 million in bonds, with municipalities including Solwezi and Livingstone possibly following and Zambia’s Roads Development Agency is planning a $1.5 million issuance.

The flood of interest in Zambia is a bit risky given the size of the issues planned, Exotix Chief Economist Stuart Culverhouse said in an e-mail February 1.

“Given they may be relatively unknown borrowers, the question will be what kind of cost of borrowing will the market demand, and will that be acceptable to the obliger,” he said.

Forgiven Debts

The southern African nation’s debt is rated B+ by Standard & Poor’s, or four levels below investment grade, while Nigeria is ranked a level higher. The Zambian kwacha weakened 0.6 percent to 5.35 per dollar at 9:38 a.m. in Lusaka, extending losses this year to 3 percent.

Zambia’s economy will probably expand 8.1 percent this year, from an estimated 7.3 percent in 2012, and 7.6 percent in 2014, boosted by mining and agriculture, Ricardo da Camara, a fixed-income analyst at Paarl-based NKC Independent Economists, said in reply to e-mailed questions January 22.

“Interest in frontier-debt markets remains very robust,” he said. “There might not be a better time to tap international markets.”

Nigeria, Angola and Ghana plan to sell as much as $3.75 billion in international bonds this year, the most from the continent ever, as governments try to benefit from demand that has driven borrowing costs to historic lows.

Zambia’s debut bond was in high demand because before the sale, the country had low debt levels, which is quickly changing, Razia Khan, head of African research at Standard Chartered in London, said by phone January 10.

There is a “sense of positive exuberance,” Charles Mate, the managing director of Stockbrokers Zambia said January 18 by phone from Lusaka. “Now everybody wants to issue a bond.” - Bloomberg


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

     

Join us on

IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks
Jimmyhgirl
I'm a 37 year old woman looking to meet men between the ages of 37 and 55.
View Profile
Lvit2C
I'm a 29 year old woman looking to meet men between the ages of 27 and 39.
View Profile
honkytonkwoman
I'm a 58 year old woman looking to meet men between the ages of 55 and 64.
View Profile
HeiN_018
I'm a 38 year old woman looking to meet men between the ages of 35 and 45.
View Profile
Bluebell531
I'm a 46 year old woman looking to meet men between the ages of 40 and 60.
View Profile
sportliefhebber
I'm a 25 year old woman looking to meet men between the ages of 25 and 31.
View Profile
Stella143
I'm a 35 year old woman looking to meet men between the ages of 34 and 45.
View Profile
DaffodilTulip
I'm a 48 year old woman looking to meet men between the ages of 40 and 50.
View Profile
PearlyGem
I'm a 55 year old woman looking to meet men between the ages of 50 and 60.
View Profile
dreamsoftly
I'm a 49 year old woman looking to meet men between the ages of 47 and 58.
View Profile
TenderMoments
I'm a 48 year old woman looking to meet men between the ages of 45 and 55.
View Profile
twinkle87
I'm a 27 year old woman looking to meet men between the ages of 28 and 45.
View Profile
iamclassy
I'm a 43 year old woman looking to meet men between the ages of 50 and 65.
View Profile
This_is_m3
I'm a 45 year old woman looking to meet men between the ages of 45 and 50.
View Profile
RiaStar
I'm a 35 year old woman looking to meet men between the ages of 32 and 40.
View Profile
limegreen48
I'm a 48 year old woman looking to meet men between the ages of 45 and 55.
View Profile
soutenpepper
I'm a 25 year old woman looking to meet men between the ages of 25 and 37.
View Profile
Katryn777
I'm a 34 year old woman looking to meet men between the ages of 34 and 40.
View Profile
MistressofBrand
I'm a 34 year old woman looking to meet men between the ages of 34 and 44.
View Profile
Athena
I'm a 37 year old woman looking to meet men between the ages of 37 and 45.
View Profile
AncientOne
I'm a 50 year old woman looking to meet men between the ages of 45 and 60.
View Profile
GirlInterruptedNow
I'm a 41 year old woman looking to meet men between the ages of 38 and 45.
View Profile
naty677
I'm a 28 year old woman looking to meet men between the ages of 39 and 62.
View Profile
Wonderer_0202
I'm a 42 year old woman looking to meet men between the ages of 40 and 52.
View Profile
Lulu_101
I'm a 36 year old woman looking to meet men between the ages of 38 and 45.
View Profile
SouthernLove
I'm a 23 year old woman looking to meet men between the ages of 26 and 35.
View Profile
molletdelvalles
I'm a 39 year old woman looking to meet men between the ages of 35 and 55.
View Profile
kel3
I'm a 31 year old woman looking to meet men between the ages of 31 and 38.
View Profile
itu22
I'm a 22 year old woman looking to meet men between the ages of 25 and 37.
View Profile
butterflykisses14
I'm a 30 year old woman looking to meet men between the ages of 31 and 51.
View Profile
Pretty_Nerd
I'm a 28 year old woman looking to meet men between the ages of 28 and 38.
View Profile
KarooBoereMeisie
I'm a 34 year old woman looking to meet men between the ages of 30 and 40.
View Profile
NY25
I'm a 25 year old woman looking to meet men between the ages of 25 and 30.
View Profile
Stiletto1
I'm a 53 year old woman looking to meet men between the ages of 50 and 57.
View Profile
snowbird7
I'm a 33 year old woman looking to meet men between the ages of 31 and 39.
View Profile
ASJ
I'm a 41 year old woman looking to meet men between the ages of 40 and 50.
View Profile
Gem31
I'm a 24 year old woman looking to meet men between the ages of 25 and 35.
View Profile
sunshinebright
I'm a 55 year old woman looking to meet men between the ages of 45 and 60.
View Profile
OneWay
I'm a 39 year old woman looking to meet men between the ages of 35 and 47.
View Profile
ShannaAK
I'm a 20 year old woman looking to meet men between the ages of 20 and 27.
View Profile
bluemon
I'm a 30 year old woman looking to meet men between the ages of 30 and 45.
View Profile
lookingsexy200
I'm a 36 year old woman looking to meet men between the ages of 34 and 45.
View Profile
Rarefind
I'm a 54 year old woman looking to meet men between the ages of 52 and 63.
View Profile
thrillsandfrills
I'm a 40 year old woman looking to meet men between the ages of 41 and 45.
View Profile
Sunshine_again
I'm a 46 year old woman looking to meet men between the ages of 43 and 58.
View Profile
Dee35_vtd
I'm a 36 year old woman looking to meet men between the ages of 30 and 45.
View Profile
Jade_242
I'm a 46 year old woman looking to meet men between the ages of 45 and 55.
View Profile
Sosialemeis2
I'm a 28 year old woman looking to meet men between the ages of 35 and 46.
View Profile
ThisIsTheRemix
I'm a 33 year old woman looking to meet men between the ages of 31 and 41.
View Profile
nads42
I'm a 42 year old woman looking to meet men between the ages of 38 and 58.
View Profile
Foreverinhope
I'm a 48 year old woman looking to meet men between the ages of 45 and 56.
View Profile
BMull08
I'm a 19 year old woman looking to meet men between the ages of 19 and 30.
View Profile
devotedlady
I'm a 43 year old woman looking to meet men between the ages of 43 and 55.
View Profile
Veronica2477
I'm a 38 year old woman looking to meet men between the ages of 40 and 50.
View Profile
khosyx
I'm a 20 year old woman looking to meet men between the ages of 21 and 30.
View Profile
xine_414
I'm a 28 year old woman looking to meet men between the ages of 25 and 35.
View Profile
Cymbidium
I'm a 47 year old woman looking to meet men between the ages of 47 and 60.
View Profile
CLC_91
I'm a 23 year old woman looking to meet men between the ages of 25 and 35.
View Profile
Blondie953
I'm a 38 year old woman looking to meet men between the ages of 35 and 45.
View Profile
Mysong
I'm a 48 year old woman looking to meet men between the ages of 50 and 55.
View Profile
Starlight_001
I'm a 35 year old woman looking to meet men between the ages of 35 and 45.
View Profile
angelface93
I'm a 21 year old woman looking to meet men between the ages of 21 and 29.
View Profile
Maybeperhaps
I'm a 40 year old woman looking to meet men between the ages of 33 and 44.
View Profile
_Alwayssmiling
I'm a 30 year old woman looking to meet men between the ages of 30 and 41.
View Profile
Duifie038
I'm a 45 year old woman looking to meet men between the ages of 36 and 50.
View Profile
bon1bon
I'm a 35 year old woman looking to meet men between the ages of 29 and 40.
View Profile
LuckyCharm_440
I'm a 29 year old woman looking to meet men between the ages of 29 and 40.
View Profile
Roxyxxx
I'm a 43 year old woman looking to meet men between the ages of 43 and 50.
View Profile
Cat007
I'm a 46 year old woman looking to meet men between the ages of 45 and 55.
View Profile
MustLoveDogz
I'm a 33 year old woman looking to meet men between the ages of 33 and 43.
View Profile
supe24
I'm a 34 year old woman looking to meet men between the ages of 35 and 65.
View Profile
Livs_89
I'm a 25 year old woman looking to meet men between the ages of 30 and 38.
View Profile
Dreamer1987
I'm a 27 year old woman looking to meet men between the ages of 25 and 35.
View Profile
Gem24
I'm a 24 year old woman looking to meet men between the ages of 25 and 40.
View Profile
PhoenixLin
I'm a 32 year old woman looking to meet men between the ages of 25 and 42.
View Profile
Vinnette
I'm a 52 year old woman looking to meet men between the ages of 45 and 55.
View Profile
Sugababe
I'm a 41 year old woman looking to meet men between the ages of 32 and 42.
View Profile
ioio
I'm a 37 year old woman looking to meet men between the ages of 35 and 45.
View Profile
naweeklyfi
I'm a 22 year old woman looking to meet men between the ages of 23 and 29.
View Profile
pesin15
I'm a 38 year old woman looking to meet men between the ages of 18 and 100.
View Profile
Gypsey4Life
I'm a 51 year old woman looking to meet men between the ages of 50 and 62.
View Profile
CC82
I'm a 32 year old woman looking to meet men between the ages of 30 and 45.
View Profile
Abs
I'm a 36 year old woman looking to meet men between the ages of 36 and 40.
View Profile
Comet43
I'm a 43 year old woman looking to meet men between the ages of 40 and 54.
View Profile
AmaJ
I'm a 44 year old woman looking to meet men between the ages of 42 and 50.
View Profile
love_passionately
I'm a 43 year old woman looking to meet men between the ages of 45 and 55.
View Profile
Belind4_M
I'm a 19 year old woman looking to meet men between the ages of 19 and 30.
View Profile
Lemoenbloeisel
I'm a 35 year old woman looking to meet men between the ages of 30 and 45.
View Profile
KayBee75
I'm a 39 year old woman looking to meet men between the ages of 35 and 49.
View Profile
AGX
I'm a 36 year old woman looking to meet men between the ages of 35 and 44.
View Profile
Ninks
I'm a 36 year old woman looking to meet men between the ages of 36 and 42.
View Profile
LilaBlom
I'm a 23 year old woman looking to meet men between the ages of 23 and 33.
View Profile
blondgirl
I'm a 57 year old woman looking to meet men between the ages of 53 and 60.
View Profile
voelkos
I'm a 54 year old woman looking to meet men between the ages of 45 and 56.
View Profile
Venus_001
I'm a 35 year old woman looking to meet men between the ages of 34 and 45.
View Profile
Kosmos075
I'm a 39 year old woman looking to meet men between the ages of 35 and 55.
View Profile
MrsRobinson
I'm a 37 year old woman looking to meet men between the ages of 36 and 45.
View Profile
MademoiselleMyGirl
I'm a 30 year old woman looking to meet men between the ages of 30 and 40.
View Profile
findmemyman
I'm a 48 year old woman looking to meet men between the ages of 35 and 50.
View Profile
Lisa_Jayne
I'm a 27 year old woman looking to meet men between the ages of 23 and 35.
View Profile
DJStarglance
I'm a 51 year old man looking to meet women between the ages of 18 and 100.
View Profile
cloudhopper
I'm a 56 year old man looking to meet women between the ages of 45 and 55.
View Profile
Lifechanger_7
I'm a 25 year old man looking to meet women between the ages of 18 and 30.
View Profile
heartroll
I'm a 54 year old man looking to meet women between the ages of 49 and 60.
View Profile
BobTheExtremeBuilder
I'm a 47 year old man looking to meet women between the ages of 25 and 47.
View Profile
Dreamzzz
I'm a 48 year old man looking to meet women between the ages of 35 and 45.
View Profile
Marley77
I'm a 37 year old man looking to meet women between the ages of 28 and 35.
View Profile
Bushbaby210
I'm a 27 year old man looking to meet women between the ages of 21 and 35.
View Profile
polar1970
I'm a 44 year old man looking to meet women between the ages of 25 and 45.
View Profile
M0J0
I'm a 34 year old man looking to meet women between the ages of 23 and 35.
View Profile
Stressfree
I'm a 58 year old man looking to meet women between the ages of 42 and 52.
View Profile
PaulA79
I'm a 35 year old man looking to meet women between the ages of 25 and 40.
View Profile
Indivia
I'm a 23 year old man looking to meet women between the ages of 18 and 25.
View Profile
kannieworrynie
I'm a 56 year old man looking to meet women between the ages of 45 and 55.
View Profile
Pete_1
I'm a 70 year old man looking to meet women between the ages of 55 and 65.
View Profile
ekke_706
I'm a 50 year old man looking to meet women between the ages of 40 and 55.
View Profile
Espavo
I'm a 50 year old man looking to meet women between the ages of 30 and 48.
View Profile
PerfectGentleman_700
I'm a 36 year old man looking to meet women between the ages of 25 and 39.
View Profile
DeeeXx
I'm a 31 year old man looking to meet women between the ages of 21 and 32.
View Profile
GenuineJ
I'm a 64 year old man looking to meet women between the ages of 48 and 64.
View Profile
cornrlius205
I'm a 46 year old man looking to meet women between the ages of 30 and 50.
View Profile
rossi46
I'm a 66 year old man looking to meet women between the ages of 55 and 65.
View Profile
TheRealPeterPan
I'm a 35 year old man looking to meet women between the ages of 28 and 35.
View Profile
Liefasb
I'm a 63 year old man looking to meet women between the ages of 50 and 60.
View Profile
letslook
I'm a 46 year old man looking to meet women between the ages of 25 and 45.
View Profile
Newdreamz
I'm a 49 year old man looking to meet women between the ages of 37 and 46.
View Profile
Cruisingoldie
I'm a 46 year old man looking to meet women between the ages of 30 and 50.
View Profile
Mais_171
I'm a 49 year old man looking to meet women between the ages of 40 and 55.
View Profile
FeaturedProfile
I'm a 54 year old man looking to meet women between the ages of 40 and 54.
View Profile
LEO1982
I'm a 32 year old man looking to meet women between the ages of 24 and 40.
View Profile
softtail
I'm a 50 year old man looking to meet women between the ages of 35 and 48.
View Profile
plodof
I'm a 58 year old man looking to meet women between the ages of 35 and 55.
View Profile
bellagio
I'm a 69 year old man looking to meet women between the ages of 55 and 65.
View Profile
Thebestone1
I'm a 57 year old man looking to meet women between the ages of 35 and 48.
View Profile
TheDuke_99
I'm a 36 year old man looking to meet women between the ages of 28 and 42.
View Profile
Parmos1
I'm a 64 year old man looking to meet women between the ages of 55 and 63.
View Profile
derrick_654
I'm a 56 year old man looking to meet men between the ages of 30 and 50.
View Profile
Teddiebeerpa
I'm a 54 year old man looking to meet women between the ages of 40 and 50.
View Profile
oth1982
I'm a 32 year old man looking to meet women between the ages of 18 and 100.
View Profile
Rich_H
I'm a 48 year old man looking to meet women between the ages of 25 and 48.
View Profile
Rebelinbluejeans
I'm a 62 year old man looking to meet women between the ages of 40 and 62.
View Profile
boersoekvrou14
I'm a 39 year old man looking to meet women between the ages of 30 and 42.
View Profile
fordby
I'm a 45 year old man looking to meet women between the ages of 30 and 46.
View Profile
Double_N
I'm a 41 year old man looking to meet men between the ages of 25 and 50.
View Profile
thearchitect1
I'm a 46 year old man looking to meet women between the ages of 36 and 70.
View Profile
skyandsand
I'm a 31 year old man looking to meet women between the ages of 25 and 35.
View Profile
thesaltofthesea
I'm a 45 year old man looking to meet women between the ages of 25 and 50.
View Profile
CapeLover
I'm a 49 year old man looking to meet women between the ages of 41 and 50.
View Profile
waitingforgodot
I'm a 68 year old man looking to meet women between the ages of 53 and 60.
View Profile
Ben_57
I'm a 57 year old man looking to meet women between the ages of 42 and 55.
View Profile
shadowwarrior
I'm a 59 year old man looking to meet women between the ages of 41 and 55.
View Profile
arew
I'm a 49 year old man looking to meet women between the ages of 30 and 55.
View Profile
tigercat
I'm a 54 year old man looking to meet women between the ages of 22 and 54.
View Profile
Jurgy62
I'm a 52 year old man looking to meet women between the ages of 37 and 55.
View Profile
GideonVisser
I'm a 30 year old man looking to meet women between the ages of 24 and 29.
View Profile
Kawa1000
I'm a 49 year old man looking to meet women between the ages of 40 and 50.
View Profile
Fairtalk101
I'm a 46 year old man looking to meet women between the ages of 25 and 37.
View Profile
B_B_B
I'm a 43 year old man looking to meet women between the ages of 18 and 45.
View Profile
WagOngeduldig
I'm a 41 year old man looking to meet women between the ages of 30 and 45.
View Profile
TheRisingSun
I'm a 41 year old man looking to meet women between the ages of 25 and 40.
View Profile
JustJve99
I'm a 47 year old man looking to meet women between the ages of 40 and 45.
View Profile
Brad88
I'm a 52 year old man looking to meet women between the ages of 45 and 60.
View Profile
LiveLifeAlways
I'm a 43 year old man looking to meet women between the ages of 33 and 41.
View Profile
anandr
I'm a 57 year old man looking to meet women between the ages of 38 and 65.
View Profile
Abeachboy
I'm a 51 year old man looking to meet women between the ages of 38 and 48.
View Profile
IceDad66
I'm a 48 year old man looking to meet women between the ages of 35 and 45.
View Profile
Breukes
I'm a 35 year old man looking to meet women between the ages of 26 and 35.
View Profile
Virion
I'm a 30 year old man looking to meet women between the ages of 25 and 33.
View Profile
koolstoof55
I'm a 59 year old man looking to meet women between the ages of 45 and 63.
View Profile
happymaker66
I'm a 48 year old man looking to meet women between the ages of 25 and 45.
View Profile
Kent123
I'm a 54 year old man looking to meet women between the ages of 45 and 60.
View Profile
Padriac_1974
I'm a 40 year old man looking to meet women between the ages of 30 and 45.
View Profile
Gerrie1
I'm a 67 year old man looking to meet women between the ages of 50 and 60.
View Profile
OohCharles
I'm a 53 year old man looking to meet women between the ages of 25 and 45.
View Profile
MLACOME0147
I'm a 55 year old man looking to meet women between the ages of 49 and 79.
View Profile
Pottie16
I'm a 44 year old man looking to meet women between the ages of 35 and 45.
View Profile
Moonrakker
I'm a 64 year old man looking to meet women between the ages of 50 and 64.
View Profile
Rumrun
I'm a 56 year old man looking to meet women between the ages of 44 and 56.
View Profile
Woody777
I'm a 50 year old man looking to meet women between the ages of 35 and 55.
View Profile
Banker009
I'm a 56 year old man looking to meet women between the ages of 34 and 49.
View Profile
JustCallMeBwana
I'm a 47 year old man looking to meet women between the ages of 28 and 38.
View Profile
Eugene053
I'm a 54 year old man looking to meet women between the ages of 25 and 45.
View Profile
audiess
I'm a 50 year old man looking to meet women between the ages of 39 and 64.
View Profile
longingforu
I'm a 35 year old man looking to meet women between the ages of 18 and 38.
View Profile
RVCZ
I'm a 24 year old man looking to meet women between the ages of 18 and 24.
View Profile
gentlebutcrazy
I'm a 58 year old man looking to meet women between the ages of 35 and 55.
View Profile
Duk_880
I'm a 39 year old man looking to meet men between the ages of 20 and 50.
View Profile
Boereman
I'm a 52 year old man looking to meet women between the ages of 40 and 52.
View Profile
WanderingShadow
I'm a 39 year old man looking to meet women between the ages of 20 and 40.
View Profile
ch_nb
I'm a 28 year old man looking to meet women between the ages of 18 and 45.
View Profile
Geard1977
I'm a 37 year old man looking to meet women between the ages of 26 and 40.
View Profile
MysticKitesurfer
I'm a 43 year old man looking to meet women between the ages of 27 and 36.
View Profile
chester3
I'm a 54 year old man looking to meet women between the ages of 49 and 76.
View Profile
Summerstorm_007
I'm a 60 year old man looking to meet women between the ages of 48 and 58.
View Profile
LoveFriendFirst123
I'm a 56 year old man looking to meet women between the ages of 50 and 72.
View Profile
matiekat
I'm a 66 year old man looking to meet women between the ages of 18 and 100.
View Profile
Gster1
I'm a 64 year old man looking to meet women between the ages of 45 and 60.
View Profile
saks001
I'm a 61 year old man looking to meet women between the ages of 49 and 60.
View Profile
philip_unplugged514
I'm a 62 year old man looking to meet women between the ages of 50 and 68.
View Profile
Determined_69
I'm a 45 year old man looking to meet women between the ages of 35 and 47.
View Profile

Business Directory