Sub-Saharan Africa entered 2026 with its strongest start to the year for Eurobond issuance since 2013, raising $5.95bn in the first seven weeks. But borrowing rates vary sharply and can be expensive for governments facing a refinancing squeeze: Angola has committed to paying close to 10% on its latest issuance. Governments are therefore turning to alternatives. Nigeria’s planned $5bn total return swap, for example – and similar transactions in Angola and Senegal – use government securities as collateral. The IMF warns that costs are comparable to those of a Eurobond and that currency and interest-rate movements could create new fiscal risks. As governments explore swaps, buybacks and other structures, do these tools carry hidden risks or genuinely make debt cheaper and safer?