Zambia’s debut international bond issue in mid September marked a new high point of interest in emerging market sovereign debt. Lusaka had set an initial target of $500 million, but $12 billion-worth of orders came in and the scale of the demand led the government to increase the size of the issue to $750 million.
Zambia was just the latest country in sub-Saharan Africa (SSA) to tap into the market. Besides South Africa, which has long been involved, there has been a steady stream of other issuers since 2006, when the Seychelles offered a $200 million bond.
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