Sub-Saharan African sovereigns raised more than $10 billion in Eurobonds in the first half of 2026, the strongest start to a year for the region since 2013. Kenya led with a $2.25 billion dual-tranche deal — $900 million in seven-year notes at 8.1 percent and $1.35 billion in twelve-year notes at 8.95 percent — used partly to buy back bonds maturing in 2028 and 2032. Côte d’Ivoire raised $1.3 billion through a 15-year bond at 5.39 percent, Benin and Algeria tapped Sukuk markets, and the Democratic Republic of Congo completed its first-ever international bond sale in April 2026, raising $1.25 billion across 2032 and 2037 tranches that were more than four times oversubscribed. Morocco’s phosphate producer OCP also raised $1.5 billion via a hybrid dollar bond. The reopening reflects easing global borrowing costs and improving investor sentiment toward African risk, though yields remain elevated and the AfDB estimates Africa’s public debt averages around 63 percent of GDP, with roughly 40 percent of countries in or near debt distress.
Details
Key Signal
Sub-Saharan Africa's fastest Eurobond start to a year since 2013, with over $10bn raised in H1 2026 across Kenya, Côte d'Ivoire, DRC, Benin, Cameroon and Congo.
What Is Changing
After two years of largely closed international capital markets, easing global rates and improved investor sentiment have reopened the Eurobond window; DRC completed its debut international bond sale in April 2026.
Why It Matters
A reopened Eurobond market signals renewed international investor confidence in African sovereign risk and gives governments fresh room to fund infrastructure and development spending — directly relevant to the pipeline of projects and capital opportunities tracked across this database.
Outlook
AfDB projects continent-wide GDP growth of 4.2-4.3% in 2026, moderating slightly from 4.4% in 2025 before rebounding toward 4.5% in 2027; further sovereign issuances are likely if global conditions hold, though yields (8-10%+ on many recent deals) remain historically expensive.
Key Risks
Six of Africa's 19 Eurobond issuers have defaulted or remain at high risk since 2013; conditions briefly tightened following the Iran conflict in March 2026, and the AfDB flags a $1.3 trillion annual financing gap against Sustainable Development Goals across the continent.
What Happens Next
Further sovereign issuances expected through 2026 if conditions hold; watch for use-of-proceeds disclosure quality, a historical weak point tied to past Kenya and Mozambique bond scandals.
Commercial Opportunity
Relevant for fixed-income investors, advisory banks, and any project sponsors whose financing depends on government fiscal space freed up by successful refinancing.