African Nations Rush to Sell Dollar Bonds as Costs Drop

Kenya and Ivory Coast are the latest African nations to return to the international bond market, seeking to take advantage of lower borrowing costs and a risk-on sentiment to raise funds.

Kenya, which had its credit rating raised by Moody’s Ratings in January, will sell new debt and buy back eurobonds due in 2032 and 2028, according to a statement. Ivory Coast also plans to sell dollar bonds, according to people familiar with the matter, who asked not to be identified because the details aren’t public.