South Africa raised $3.5-billion in a sale of dollar bonds that attracted demand for almost four times that amount, the latest sign of investors flocking to the nation’s financial assets.

Africa’s most industrialized economy priced $1.75-billion each of 12- and 30-year bonds at yields of 6.25% and 7.375% respectively on Thursday, according to a person familiar with the matter who asked not to be identified as they’re not authorized to speak publicly. That compares with yields of 7.1% and 7.95% on similar-maturity notes issued in November 2024.

Bids for the securities totalled more than $13-billion, the person said.

South Africa joins Nigeria, the Republic of Congo, Kenya and Angola in tapping foreign-currency markets this year as resilient global growth and expectations of further US interest-rate cuts fuel investor appetite for riskier assets.

The average spread for African sovereign debt over US Treasuries has narrowed by 314 basis points since April to about 342 basis points, according to JPMorgan Chase & Co indexes.

South African assets have rallied in recent months as investors bet on an improving economic outlook.

The country is benefiting from government reforms aimed at removing bottlenecks to growth, its commitment to fiscal discipline, the adoption of a lower 3% inflation target and stronger-than-expected revenue collection — factors that led S&P Global Ratings to upgrade the country last month. Moody’s Ratings is scheduled to provide an update on its assessment later on Friday.

The rand is trading at its strongest level in almost three years; it strengthened 0.2% to 16.9614 per dollar by 8:12 a.m. in Johannesburg on Friday. The nation’s 10-year government bond yield is at the lowest in more than eight years.