In Sub-Saharan Africa, Côte d'Ivoire was the most active country on the bond market during the first half of 2018. Overall, bond issuances from WAEMU’s economy driver reached $6.27 billion.

This figure is far above South Africa’s major issuances which stood at about $4.69 billion, ahead of Angola ($3 billion) and Nigeria ($2.5 billion), ranked third and fourth, respectively. Over the period reviewed, bond issuances from SSA reached a total of $23.5 billion.

This represents the highest first mid-year level since 2000. Governments accounted for $20 billion and most of the operations were carried out on the world market.

In terms of single issuance, Angola (despite its economic challenges) was atop operations, mobilizing $3 billion over the period. It is followed by Nigeria ($2.5 billion), Senegal ($2.2 billion) and Côte d'Ivoire (2 billion $), with euro being the main loan currency.

In a still-struggling economic context marked by significant financial needs, sub-Saharan Africa would further increase bond issuances in 2018. This situation of debt acceleration, particularly for States worried the International Monetary Fund (IMF).

Idriss Linge