In June, Kenya set a new African record. At $ 2 billion, the country's sovereign bond debut was four times oversubscribed. Only one month later, Senegal broke this high. Zambia and Cote d'Ivoire have been similarly successful in what some call an African bond bonanza.
Interest rates in traditional markets are so low that investors are going after sub-Saharan debt for its high return rates averaging between 5.5 and 7.5 percent. But they are also attracted by the continent's promising growth rates, its economic stability, rising exports, and growing private investment.
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