We all know that Greece finally persuaded bondholders to swap their debt for new bonds this year, averting a messy default.

But Greece is not the only country to keep investors biting their nails in 2012 over the value of their holdings – frontier market sovereign borrowers have also been tinkering with their debt payments.

St Kitt’s, also a member of a monetary union in the Eastern Caribbean, like Greece completed a debt exchange offer in March.

Meanwhile, creditors holding over $200 million worth of Belize’s sovereign debt last month formed a committee because of their concerns about the country’s willingness to honour payments on a $550 million bond.

Gabon kept nerves frayed two weeks ago, when it delayed a coupon payment on its Eurobond, straying narrowly close to default.