Moreover, the relevance of bonds which include CACs for African sovereign borrowers may be rather limited. International sovereign bond issues are still a relatively minor component of the public debt of most African countries, and many countries on the country have yet to issue any sovereign bonds on international markets. The majority of African sovereign debt is still held by multilateral financial institutions.
As such the multilateral financial institutions will have to take the lead in offering debt relief, but this then gives the private sector bond holders less of an incentive to agree collectively to offer any substantial debt relief.