African sovereigns will continue to face steep borrowing costs in the international market in the near term due to attractive rates on offer in the US financial market, complicating efforts to retire maturing Eurobonds for several states in the next two years.
Citi Managing Director and Africa head of markets George Asante told the Business Daily that market access conditions have been difficult for African countries and companies, especially for Eurobonds, primarily due to risk aversion on tough economic conditions and pricing due to higher rates on offer in developed markets.
