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.
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