10 Largest Public Bond Offerings in Africa within the Last 10 Years

In Summary

• The African Development Bank (AfDB) reports that 24 African nations are projected to exceed 5% GDP growth in 2025.
• Africa is also projected to be the world's second-fastest-growing region after Asia. 
• Long-term debt continues to be the dominant form of debt in Africa, with projections indicating it will remain so through 2028. 
• Africa's green bond market is distinct from Europe and Latin America, with proceeds primarily funding mixed-use and mitigation projects. 

Deep Dive!!

Over the past decade, Africa's public bond market has undergone significant transformation, marked by both remarkable growth and notable challenges. As of 2025, the continent's sovereign bond landscape reflects a complex interplay of increased investor interest, evolving fiscal strategies, and the pressing need for infrastructure development. According to an African Development Bank (AfDB) report, 24 African nations are projected to exceed 5% GDP growth in 2025, with the continent projected to be the world's second-fastest-growing region after Asia. 

In 2024 alone, African nations issued approximately $21.6 billion in new bonds, with sovereign issuances accounting for $13.8 billion. This resurgence followed a period of limited access to international capital markets, highlighting renewed investor confidence in the continent's economic prospects.

Countries like Côte d’Ivoire, Benin, and Kenya have successfully tapped into international markets, raising substantial funds through Eurobond issuances. For instance, Côte d’Ivoire's $2.6 billion dual-tranche Eurobond in January 2024 attracted significant investor interest, underscoring the country's economic resilience.

However, this growth is juxtaposed with rising debt levels and fiscal pressures. The International Monetary Fund projects Sub-Saharan Africa's public debt-to-GDP ratio to decline from 60.1% in 2024 to 56.8% in 2025, yet new financing remains both costly and scarce.

Amid these dynamics, African nations are exploring innovative financing mechanisms. Egypt, for example, plans to issue $2 billion in Islamic bonds (sukuk) throughout 2025 to address foreign currency shortages and stabilize its economy.

This article delves into the ten largest public bond offerings in Africa over the past decade, providing insights into the continent's evolving financial landscape and the strategic approaches nations are adopting to navigate economic challenges.

Check Out the Top 10 Largest Public Bond Offerings in Africa within the Last 10 Years.

10. Africa Finance Corporation – $750 Million 7-Year Eurobond (2021)

• Issuer: Africa Finance Corporation (AFC)
• Amount: $750 million
• Maturity: April 2028
• Coupon: 2.875%
• Purpose: Financing infrastructure projects across Africa
• Highlights: This bond achieved AFC's lowest yield to date at 2.991%, underscoring robust investor demand. The issuance was oversubscribed 3.5 times, with an order book of approximately $2.6 billion from over 200 investors worldwide, including significant participation from the UK, Continental Europe, the Middle East, Asia, and the Americas.

9. Africa Finance Corporation – $500 Million 10-Year Eurobond (2019)

• Issuer: Africa Finance Corporation (AFC)
• Amount: $500 million
• Maturity: October 2029
• Coupon: 3.75%
• Purpose: General corporate purposes to support infrastructure investments
• Highlights: This issuance marked AFC's longest-tenor bond at the time, attracting strong global interest with an order book exceeding expectation. The bond was priced to yield 3.895% and was distributed across Europe, Asia, the Middle East, and the United States, reflecting investor confidence in AFC's infrastructure development mandate.

8. Africa Finance Corporation – $500 Million Eurobond (2024)

• Issuer: Africa Finance Corporation (AFC)
• Amount: $500 million
• Maturity: 5 years
• Coupon: 5.55%
• Purpose: Financing infrastructure projects across Africa
• Highlights: The bond was oversubscribed by over 2.5 times, indicating strong investor confidence in AFC's mandate and financial health.

7. Egypt – $479 Million Panda Bond (2023)

• Issuer: Arab Republic of Egypt
• Amount: RMB 3.5 billion (approx. $479 million)
• Maturity: 3 years
• Purpose: Financing green projects under its sovereign sustainable financing framework
• Highlights: Egypt became the first African country to issue a Panda bond, tapping into China's domestic debt markets with support from the African Development Bank and the Asian Infrastructure Investment Bank.

6. African Development Bank – $750 Million Hybrid Capital Bond (2024)

• Issuer: African Development Bank (AfDB)
• Amount: $750 million
• Instrument: Hybrid capital bond
• Purpose: Boosting climate financing without adding financial strain on governments
• Highlights: This innovative bond was oversubscribed at $6 billion, demonstrating investor appetite for sustainable financing instruments.

5. Benin – $750 Million Eurobond (2024)

• Issuer: Republic of Benin
• Amount: $750 million
• Maturity: 14 years
• Coupon: 7.96%
• Purpose: Financing development projects and economic initiatives
• Highlights: This issuance reflects Benin's growing credibility in international markets, supported by its strong economic and fiscal performance.

4. Nigeria – $2.2 Billion Eurobond (2024)

• Issuer: Federal Republic of Nigeria
• Amount: $2.2 billion
• Structure: Two tranches maturing in 2031 and 2034
• Coupon: 9.75%
• Purpose: Addressing fiscal deficits and economic reforms
• Highlights: This marked Nigeria's return to international capital markets after a hiatus, with the issuance being oversubscribed by 180%, indicating robust investor interest.

3. Morocco – $2.5 Billion Dual-Tranche Eurobond (2023)

• Issuer: Kingdom of Morocco
• Amount: $2.5 billion
• Structure: Two tranches of $1.25 billion each
• Maturities: 5 and 10.5 years
• Coupons: 5.95% and 6.5% respectively
• Purpose: Budgetary support and economic reforms
• Highlights: The issuance demonstrated Morocco's continued access to international markets and investor confidence in its economic stability.

2. African Development Bank – $2.5 Billion Global Benchmark Bond (2021)

• Issuer: African Development Bank (AfDB)
• Amount: $2.5 billion
• Maturity: 5 years (due March 2026)
• Coupon: 0.875%
• Purpose: General corporate purposes and development financing
• Highlights: This bond marked AfDB’s largest 5-year USD Global Benchmark, with an order book exceeding $3.6 billion, reflecting strong investor trust in AfDB's AAA credit rating.

1. Côte d’Ivoire – $2.6 Billion Dual-Tranche Eurobond (2024)

• Issuer: Republic of Côte d’Ivoire
• Amount: $2.6 billion
• Structure: Two bonds with maturities of nine and 13 years
• Coupon: 8.5%
• Purpose: Financing infrastructure and development projects
• Highlights: This issuance attracted over $8 billion in orders, setting a record for a West African sovereign issuer. The strong demand underscores investor confidence in Côte d’Ivoire's economic prospects.

Conclusion

These substantial bond offerings highlight the increasing integration of African financial institutions into global capital markets. The successful issuances by sovereign entities like Côte d’Ivoire and Morocco, as well as supranational organizations such as the African Development Bank and Africa Finance Corporation, demonstrate a growing investor appetite for African debt instruments. These developments are pivotal in financing the continent's infrastructure and development needs, signaling a maturing financial landscape poised for continued growth.