Distress calls are ringing in 2024 in parts of Africa, but global investor appetite for Eurobonds spectacularly bounced back after the lull in 2022.

Unfortunately, the level of domestic competitiveness reflected in GDP per capita trends is not being projected at international level when plotted against sovereign ratings.

The sovereign ceiling is based on a notion that the creditworthiness of an entity operating within a certain jurisdiction can not be far disposed above its sovereign.