Sub-Saharan Africa: From Debt Hell To Debt Heaven

The year 2007 proved to be a milestone for Sub-Saharan Africa (SSA)'s external debt outlook, as following decades of debt crises and HIPC initiatives, some sovereigns tabbed international credit markets for the first time. Indeed, both Ghana and Gabon successfully launched SSA's (excluding South Africa) inaugural Eurobonds, and the fact that both instruments were oversubscribed was testimony to investors' huge demand to gain exposure to African sovereign debt and their increasing confidence in these countries' credit worthiness. Further issuances are in the pipeline, with Nigeria and Kenya having announced plans to launch foreign currency bonds as early as Q108. In

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