608 Despite the ongoing health and economic impact of Covid-19 worldwide, PwC’s annual Africa Capital Markets Watch report shows that African markets have continued with a modest recovery through 2021, reflected in higher values of non-local corporate, sovereign and supranational debt raised during the year. Average issuances were larger than the prior year, with 94 issuances valued at $47.5bn (2020: 81 issuances worth $28.5bn).