Africa’s sovereign bonds — all of them rated junk — have been among the biggest beneficiaries of the risk-on mood that’s sweeping global markets as economies reopen from coronavirus lockdowns.. Angola, which is in discussions to reorganize some of its loans, leads the pack with a return of 74%, compared with the 9.5% average for the 74-member Bloomberg Barclays Emerging Markets Sovereign Index. Zambia, which is restructuring its debt, isn’t far behind at 40%. Investors, flush with cash and in need of yield following unprecedented policy easing by the world’s central banks, appear to be blind to the array of risks: the coronavirus pandemic that’s still spreading in most African countries, economies hard-hit by the disease and U.S.-China tensions that may revive the debilitating trade war. Gabon and Nigeria posted returns of more than 30% this quarter, while Ghana, South Africa and Egypt are deep into double digits.
SOURCE: BLOOMBERG
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