African Credit Markets Hit as US Plans Control of Venezuela Oil

A rally in Africa’s dollar bonds is stumbling as long-term US plans to boost crude from Venezuela dim the appeal of debt from oil exporters on the continent.

The 20 worst-performing emerging market sovereign dollar bonds on Thursday were all from Africa, a Bloomberg index showed. That included Nigeria, Angola, Egypt and Kenya, with Nigeria’s dollar notes due 2051 falling as much as 2.5 cents on the dollar, the biggest drop among peers.