African Eurobond Spreads Stretch Past 500 Basis Points
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The emerging-market rout is taking an especially heavy toll on African government debt. Spreads on the continent’s sovereign Eurobonds have widened to 506 basis points above U.S. Treasuries, the most in two years. They’ve climbed 166 basis points in 2018, compared with the 101 average for emerging markets, according to JP Morgan Chase & Co. indexes.