Africa Ends Decade of Distress as Risk Spreads Fall

For the first time in a decade, no African country has a sovereign risk premium in distress territory.

The average additional yield on Mozambique’s bonds over US Treasuries fell below 1,000 basis points this month, making it the last country on the continent to retreat from levels widely considered to indicate debt distress. It’s the first time since 2015 that no African country has had a four-digit yield spread, according to JPMorgan Chase & Co. data.