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Renewed Investor Interest in African Debt Markets Amid Economic Recovery

Rand Merchant Bank reports a significant rebound in African debt markets starting early 2024, with robust investor demand. After several challenging years marked by the COVID-19 pandemic and global economic downturns, there has been a noticeable absence of Sub-Saharan African debt issuances since the first such occurrence in 2024.

Cote d’Ivoire led the recovery with a $2.6 billion bond issuance in January 2024, which was over three times oversubscribed. This was closely followed by Benin and Kenya, with their own issuances receiving substantial investor interest.

These developments indicate a substantial shift in investor confidence and suggest a promising year for African economies seeking financing. Recent successful bond issues from companies like Puma Energy and OCP S.A. corroborate the upward trend in the African debt market.

R. P.

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