By 2014, the stock of outstanding sovereign bonds in the region had risen to around $ billion, though it is still small at 1,1 per cent of regional GDP. 3  International Monetary Fund, “Where are we headed? Perspectives on potential output”, World Economic Outlook, Washington DC: International Monetary Fund, April 2015.
4  J E Tyson, Sub-Saharan Africa international sovereign bonds: investor and issuer perspectives, Overseas Development Institute, January 2015, available at http://www.odi.org/sites/odi.org.uk/files/odi-assets/publications-opinion-files/9435.pdf. 4  BIS central bankers’ speeches  Furthermore, development in African capital markets has not been limited to sovereign bonds.