A total of 8 African countries have issued the sum of $15.7B in Eurobonds in thirteen months (Jan '24 - Jan '25)
Key takeaways:
African countries issued a total of $15.7 billion in Eurobonds, demonstrating continued reliance on external debt markets.
While the first ten months totaled $6.2 billion, November and December alone added $7.5 billion, marking a sharp increase.
The total issuance jumped from $6.2 billion in October to $10 billion in November and then $13.7 billion in December, showing a drastic shift in borrowing.
Eight African countries drove this activity, as the borrowing is concentrated among key economies.
African countries have been actively engaging in the Eurobond market, raising a total of $15.7 billion from January 2024 to January 2025. The cumulative issuance trend highlights a rise in borrowing, with significant jumps in the final months of 2024. November and December witnessed a sharp increase, reaching $10 billion and $13.7 billion, respectively, before peaking at $15.7 billion in January 2025. This trend suggests that many African economies are turning to international debt markets to finance economic growth, refinance existing debt, and address fiscal challenges.
Nigeria paid $816.3 million to the International Monetary Fund, accounting for over 35% of total external debt service payments.
Eurobond payments followed closely, with $687.8 million paid, reflecting Nigeria’s heavy reliance on commercial debt instruments.
Multilateral lenders like IDA and AfDB collectively received about $463 million, signalling continued exposure to concessional financing.
China’s share shrinking: Payments to Chinese lenders (EXIM + CDB) totalled $235.6 million, less than 11% of total outflows, suggesting reduced Chinese debt servicing in H1 2025.
