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Ethiopian Dollar Bonds Hit 10-Week High After Eritrea Rapprochement

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Economy

Ethiopian Dollar Bonds Hit 10-Week High After Eritrea Rapprochement

Ethiopia’s dollar-denominated bonds rose to their highest in 10 weeks on Monday after the country’s new reformist, Prime Minister Abiy Ahmed, met with Eritrea’s President Isaias Afwerki on Sunday.

They agreed to re-establish ties between the two bitter regional enemies.

The 2024 issue added 0.583 cents to trade at 100.25 dollars – its highest level since early May, according to media data.

The bond has gained nearly three dollars since last Wednesday.

The talks were the product of an unexpected peace initiative by Ahmed and could transform the Horn of Africa region.

This agreement is ending decades of animosity during which both countries remained isolated and dominated by their security forces.

“Because of the economic and political reforms, investors are looking to be a bit overweight on the Ethiopia bonds,” said Jibran Qureishi, East Africa economist at Stanbic Bank in Nairobi.

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