Africa Enthralls Goldman With Record Bond Sales: Credit Markets

Sub-Saharan African nations outside South Africa are selling $7 billion of debt this year, more than in the past five years combined, as yields more than double those of Treasuries lure investors repelled in the past by violence and corruption.

With the International Monetary Fund forecasting growth in sub-Saharan Africa to outpace all regions except emerging Asia in 2013, eight countries from Nigeria to Kenya have sold or plan to offer record amounts of bonds overseas. Average yields on African debt fell 88 basis points in the past 12 months to 4.35 percent, versus 1.75 percent for 10-year Treasuries, according to JPMorgan Chase & Co.