Kenya: Eurobond underperforms as Middle East conflict impacts sovereign’s fiscal position
The fallout from the conflict in the Middle East risks materially weakening structural reform efforts by the Kenyan government over the last two years. Eurobond spreads have reacted and Kenya’s Eurobond yields have increased by 104 bps since the start of the conflict—more than the broad EM index and Egypt, and only lower than Senegal […]
Nigeria: Drop & Give Me…..50?
The recent monetary policy committee meeting caught the local fixed income market off guard. At the conclusion of the 304th meeting the central bank governor, Dr. Olayemi Cardoso, announced just a 50bps cut to the monetary policy rate to 26.5% as against consensus expectation of a 100bps moderation. Consequently, there was an aggressive repricing in […]
Senegal: Walking A Tight Rope
Senegal is a divisive subject amongst stakeholders who are torn on whether the government will restructure its debt as part of a new funded IMF programme. A crucial signal on the road ahead will be the amortisation payment of EUR333mn on its 2028 Eurobond due on 13 March 2026. It would not be logical for […]
Key Themes To Influence Investor Appetite for Africa Risk in 2026
Emerging markets (EM) were a hot topic in 2025 with capital flow marking the strongest year since 2009. Capital flows to US ETFs focused on EM stocks exceeding USD31bn while EM debt funds absorbed more than USD60 billion based on data compiled by Strategas Securities, EPFR Global data. Returns were even more impressive with EM […]