EconPapers    
Economics at your fingertips  
 

Sub-Saharan African Eurobond yields: What really matters beyond global factors?

Christian Senga, Danny Cassimon () and Dennis Essers ()

No 123, BeFinD Working Papers from University of Namur, Department of Economics

Abstract: This study explores the drivers of secondary market yields of Sub-Saharan African (SSA) sovereign Eurobonds from 2008 to mid-2017. Our results indicate that, beyond global ‘push’ factors, country specific ‘pull’ factors such as inflation and GDP growth matter too for SSA Eurobond performance. A panel error-correction analysis suggests large heterogeneity in the short-term influence of our global and country variables across countries. We find no significant effect of bond-specific factors on yields when push and pull factors are accounted for. By emphasizing the prominence of country variables, reflecting the quality of countries’ macroeconomic management and their economic performance, our results qualify the common view that SSA countries have little control over their market borrowing costs.

Keywords: Public debt; international bonds; bond yields; Sub-Saharan Africa (search for similar items in EconPapers)
JEL-codes: F34 G15 H63 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2018-04
New Economics Papers: this item is included in nep-afr
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (11) Track citations by RSS feed

Downloads: (external link)
http://www.befind.be/Documents/WPs/wp23 First version, 2018 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nam:befdwp:0123

Access Statistics for this paper

More papers in BeFinD Working Papers from University of Namur, Department of Economics Contact information at EDIRC.
Bibliographic data for series maintained by Marie-Helene Mathieu ().

 
Page updated 2020-02-21
Handle: RePEc:nam:befdwp:0123