Sell-Off Comes at Worst Time for Africa Eurobond Issuers: Chart

The global bond rout could barely come at a worse time for African nations such as Nigeria and Kenya, which were planning to tap the Eurobond market before the end of the year. The yield on Nigeria’s $500 million of securities due July 2023 has soared almost 160 basis points to 8.47 percent since Donald Trump’s U.S. election victory, the highest since February, making any new deal more expensive. The yield on Kenya’s $2 billion bond due June 2024 is up 170 basis points to 8.54 percent.

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