5 African countries tapping Eurobond markets in 2026

Africa’s return to international debt markets is gathering pace as governments seek fresh capital to refinance obligations, fund infrastructure projects, and strengthen fiscal positions ahead of 2026. 

After a challenging period marked by rising global interest rates and debt sustainability concerns, investor appetite for select African sovereign bonds has rebounded, rewarding countries that have implemented economic reforms and demonstrated stronger fiscal discipline.

From Kenya’s strategic debt management operations to the Democratic Republic of the Congo’s landmark debut issuance, several African economies are positioning themselves to tap the Eurobond market as global investors search for higher-yield opportunities. 

The transactions highlight a broader trend across the continent: governments are increasingly using Eurobonds not only to raise capital but also to extend debt maturities, reduce refinancing risks, and support long-term economic growth. 

Here are five of African countries that have emerged as key players in Africa’s evolving Eurobond landscape heading into 2026.

Kenya

Kenya emerged as one of Africa’s most active sovereign issuers after raising $2.25 billion through a dual-tranche Eurobond offering.

The transaction, split between 2034 and 2039 maturities, enabled Nairobi to repurchase portions of outstanding bonds due in 2028 and 2032. 

By replacing higher-cost debt with longer-dated securities, Kenya reduced refinancing risks while improving its debt repayment profile.

Côte d’Ivoire 

Côte d’Ivoire returned to international debt markets with a $1.3 billion 15-year Eurobond that attracted demand nearly five times the amount offered.

The West African economic powerhouse secured one of its most favorable borrowing terms in years, supported by projected economic growth of 6.7% and a declining fiscal deficit. 

The successful transaction underscores investor confidence in the country’s economic reforms and growth trajectory.

Cameroon

Cameroon raised $750 million through a heavily oversubscribed private-placement Eurobond maturing in 2033.

Authorities structured the transaction to reduce foreign-exchange exposure by swapping proceeds into euros. Strong investor participation highlighted confidence in the country’s long-term economic outlook despite regional political uncertainties.

Republic of Congo

The Democratic Republic of the Congo entered the Eurobond market for the first time, raising $1.25 billion through a dual-tranche offering.

The landmark transaction attracted more than $5 billion in orders from international investors. Proceeds are earmarked for strategic infrastructure projects, including energy generation, transportation networks and airport modernization, positioning the country for long-term economic expansion.

Zambia

Rather than issuing new debt, Zambia reengaged global markets through a liability management operation aimed at reducing future debt-service costs.

The government launched a tender offer to repurchase $1.36 billion of restructured international bonds, supported by a $600 million facility from the African Development Bank and domestic resources. 

The move reflects Lusaka’s commitment to strengthening debt sustainability following its recent restructuring efforts.