African Junk Bonds Are the Latest Trophy in the Global Hunt for Yield
- Debt returns are among best in emerging markets after rally
- Investors turn to riskier debt amid deluge of negative yields
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It’s a measure of the current state of financial markets that the worse the outlook for the world economy, the better it gets for African bonds.
So scant are the returns from government debt across the globe that borrowing costs for the nations of the world’s most impoverished continent are tumbling as foreign investors look for anything with an above-average yield.