Morocco and Mauritius have just joined the Bloomberg African Bond Index, the African Development Bank (AfDB) has announced.
The inclusion of these two countries marks a steady progression in the bank’s efforts to deepen the bond market in Africa, the AfDB said in a statement. The Bloomberg African Bond Index now captures nearly 90% of African sovereign bonds outstanding in local currency.
Administered by the AfDB and calculated by Bloomberg, the Bloomberg African Bond Index included, when it was launched in February 2015, only six countries: Egypt, Kenya, Nigeria and South Africa, Botswana and Namibia.
Ghana and Zambia joined in April 2017. As of January 1, 2021, Mauritius and Morocco also joined the index.
“This is a positive development as the inclusion of Mauritius and Morocco, two of the highest rated African issuers, will improve the overall credit quality of the index,” said Stefan Nalletamby, director of the Department of AfDB financial sector development.