Chart

Relative value across Africa

Every bond on this site, yield against average life. Colour up to three issuers to compare them; each coloured issuer with enough lines also gets its fitted curve. Hover a dot for the bond, click it for its page.

How to read it

• Yield is the live mid of the bid and ask yields the site publishes, so the dots move during the day. Average life is years to maturity for a bullet and the weighted average life of the remaining instalments for a bond that repays in parts, as the price tables show it.
• A curve is a Nelson–Siegel curve fitted each night to the previous close’s prices of one issuer’s bonds in one currency, drawn only where five or more lines were fitted. It is a description of where that issuer’s bonds traded at the close, not a price. The off curve figure is the bond’s yield at that close minus the curve at its average life: a basis, a structure, a thin line, or a quote worth a second look — not a mispricing.
• A bond priced below 70 and yielding more than 12% is distressed: the market prices it on expected recovery, not on yield, so it is off the chart unless you switch it on (then drawn hollow) and left out of its issuer’s curve. Bonds whose yield is withheld are not on the chart. USD and EUR bonds are on separate charts because their yields do not compare.
• A corporate or supranational is its own issuer here, never pooled with a sovereign. Nothing on this page is a recommendation. The Terms apply.