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Zambia, Nigeria, Angola, and Senegal saw their Eurobonds tumble on Friday following a new wave of trade tariffs imposed by United States (US) President Donald Trump.
Angola was the hardest hit among emerging markets, with its 2049 Eurobond plummeting by over six percent—the steepest decline since 2022.
According to the Zambia Market Watch by Access Bank Group, Zambia’s 2053 Eurobond dropped by 5.40 percent, Nigeria’s 2038 bond fell 5.41 percent, and Senegal’s 2048 issue declined by six percent.
“US President Donald Trump’s imposition of trade tariffs and declining commodity prices, particularly oil and copper, triggered a steep sell-off in African bonds on Friday, reminiscent of the 2022 market freeze that locked frontier nations out of global markets,” Access stated.
Read more: Zambia initiates Eurobond consent solicitation as next step in debt restructuring process
Brent crude fell by 6.5 percent to a multi-year low of US$65.58, while copper prices dropped below US$9,000 per tonne—the sharpest fall since March 2020—driven by fears of a global trade war.
President Trump last week introduced sweeping tariffs as part of his “Liberation Day” global trade restructuring, including a universal 10 percent baseline tariff on all imports to the US.
Among the worst affected African countries were Lesotho (50 percent), Madagascar (47 percent), Mauritius (40 percent), Botswana (37 percent), Angola (32 percent), South Africa (30 percent), Namibia (21 percent), Zimbabwe (18 percent), and both Zambia and Malawi at 17 percent.
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