Sub-Saharan African nations are re-entering the international bond market, indicating an end to the debt distress concerns prevalent since 2020. Ivory Coast and Benin have seen strong demand for their debt issuances, with Ivory Coast attracting USD 8 bln for a USD 2.6 bln sale and Benin receiving USD 5 bln for a USD 750 mln offering. These successes, with Kenya’s Eurobond buyback and new sales, reflect improved market confidence. Moody’s rates Ivory Coast at Ba3 with a positive outlook and Benin one level lower, yet both secured yields under 10%, at 8.375% for Benin and 8.5% for Ivory Coast for 2037 notes. Meanwhile, Goldman Sachs predicts USD 4.5 bln in total issuance from the region this year.