Why investors can’t get enough of Africa’s debt ...Middle East

A huge appetite for African eurobonds is spurring a wave of issuances in the continent.Benin saw its ratings outlook improve after successful eurobond issuances in January. In February, Côte d’Ivoire raised $1.03 billion in a eurobond sale which saw investors place orders for triple the amount offered. (The sale was a reopening of a eurobond sale issued in November, Africa’s first during the Covid-19 pandemic.) Now, Kenya is planning to use the debt instrument to raise $1 billion by June, and Ghana and Nigeria are also preparing their own issues.After a pandemic-induced lull in borrowing, governments and investors are feeling more confident about Africa’s prospects, in part, thanks to the bi

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