Africa’s bond rush: Handle with care



Quantitative easing helps float Africa’s infrastructure, but

Ethiopia’s internally funded Renaissance Dam an exception

 Ethiopia T                                                                           By Adam Green   

African governments must use bond revenues to address critical growth constraints, while global conditions are in their favour.

Sub-Saharan Africa has a $7bn potential bond pipeline in 2013. Zambia and Rwanda recently issued heavily over-subscribed bonds, and analysts anticipate issuances from Nigeria, Angola, Ghana (its second), Kenya and Zambia (again). Tanzania has hired a rating adviser as a precursor to a bond issuance in due course, with Mozambique an outside bet.

This is only partly a response to the continent’s robust growth. Low yields elsewhere (especially in the eurozone and the US) – as well as excess global liquidity due to quantitative easing – are the global trends pushing bond-hunters to Africa. “There is a lot of excess liquidity internationally and some of that is being used to buy high-yielding assets…

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2 Responses to Africa’s bond rush: Handle with care

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