After years in the cold, African borrowers returned to Eurobonds in 2025. The deals eased refinancing stress, but high coupons and FX risk raise hard questions for 2026.
African governments ended 2025 cautiously reopening the Eurobond tap, using global investors to refinance debt, calm currency nerves and keep budgets afloat – while reloading the very risks that once locked them out.
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