Analysis > Markets

West Africa Turns to Sukuk to Break the Eurobond Cycle

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For much of the past decade, West African sovereigns have approached the international capital markets with a familiar playbook. They announce a Eurobond, host investor calls in London, New York and other financial centers, and build a book with a well-known set of buyers: dedicated emerging-market funds, crossover accounts chasing yield, and development finance institutions providing anchor support. When global liquidity is plentiful, the process works smoothly. Orderbooks swell, spreads tighten, and governments can borrow at attractive rates.