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Bond Market News
African HY Sovereigns Deliver Impressive Total Returns
October 16, 2025
Emerging Market (EM) sovereign bonds have shown a strong performance in 2025, underpinned by easing global monetary policy, attractive carry, moderating inflation, and improved investor sentiment. Performance has differed across regions: the iBoxx LSF USD African Sovereigns recorded a YTD total return of 13.3% as of 16 October, outperforming both the Bloomberg EM Asia TRI Index (7.66%) and the Bloomberg EM LATAM TRI Index (9.64%).
Within Africa, hard-currency sovereign bonds have delivered double-digit returns, supported by improved liquidity conditions and robust investor demand, creating a favorable environment for Eurobond issuance. One of the region’s top performers has been Egypt – its dollar bonds have delivered an annualized total return YTD of over 25%. Egypt was just recently upgraded to B from B- by S&P on the back of stronger foreign reserves and solid GDP growth. The year also saw several African issuers returning to the international bond markets after extended periods. Angola, for example, recently raised $1bn via a 5Y bond at a yield of 9.25%, its first issuance since 2022. In addition, the region witnessed a surge in Sukuk issuances, highlighting growing diversification in sovereign funding sources. The table below lists all African high yield sovereigns with dollar bonds outstanding – sorted by their annualized total return (YTD).
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