African sovereign bonds were recovering last Friday after bearing the brunt of an emerging markets sell-off earlier in the week. Ghana's 2023 bonds were a particular case in point. The bonds were trading at a Z-spread of 594bp on Friday midday, a strong recovery after a dramatic 80bp widening on Wednesday sent the spread to 669bp. Other sovereigns such as nigeria, cote d'ivoire and senegal - all of which widened by over 50bp on spread mid-week - also recovered, if not quite to the same extent. Nigeria's 6.375% 2023 note tightened 20bp on Friday to a Z-spread of 363bp, and Cote d'lvoire's 5.375% 2024 bonds were in 19bp to plus 411bp, while Senegal's 6.25% 2024 note was the best performer of the three, tightening by 28bp to plus 434bp, according to Tradeweb.
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