JPMorgan Chase's investment bank upgraded African Export-Import Bank (Afreximbank) bonds from underweight to overweight. This decision follows a significant improvement in relative value after a recent market repricing of the securities.
Analysts noted that a sell-off in January created an attractive entry point for investors. The sell-off followed a ratings assessment change from Fitch.
JPMorgan expressed renewed confidence in Afreximbank's strong underlying financials and institutional structure. The successful resolution of its Ghana facilities also bolstered investor sentiment.