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Regional: Sovereign borrowing attracts funds despite debt concerns

Lenders have appetite for Africa’s more attractive sovereign credits, including fashionable francophone markets Côte d’Ivoire and Senegal. When in March Senegal raised $2.2bn in a eurobond issue, its Ministry of Finance received $10.3bn-worth of orders for the euro/dollar-denominated facility. It brought African eurobond issues to a total $10.7bn in Q1 2018, following borrowing by Egypt, Nigeria and Kenya. This was more than the 2016 total, and more than half of the $18bn 2017 record, Bloomberg reported.

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