South Africa issued $3.5B in Eurobonds in 2024, accounting for 25.6% of the total $13.65B issued by African countries

Key takeaways:

  • South Africa issued $3.5 billion, making up over a quarter (25.6%) of all issuances on the continent.
  • South Africa, Côte d’Ivoire, and Nigeria issued $8.3 billion, accounting for 61% of Africa’s total Eurobond issuance in 2024.
  • Despite economic uncertainties, Nigeria remains an active player in international markets, issuing $2.2 billion in Eurobonds.
  • Francophone West Africa has a strong presence as Côte d’Ivoire, Senegal, and Benin collectively issued $4.4 billion, highlighting their growing role in Africa’s debt markets.
  • At $0.75 billion and $0.55 billion, respectively, Benin and Cameroon still secured external financing, but at significantly lower levels than their larger counterparts.

In 2024, African countries collectively issued $13.65 billion in Eurobonds, with South Africa leading at $3.5 billion, accounting for 25.6% of the total issuance. Côte d’Ivoire and Nigeria followed closely, issuing $2.6 billion and $2.2 billion, respectively. These figures highlight the increasing reliance on international debt markets as African economies seek external funding to address fiscal deficits, infrastructure development, and economic expansion.

Source:

Afreximbank

Period:

2024
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