12 Countries with the Highest Bond Yields in the World

2. Zambia

S&P Rating: SD

10-Year bond yield as of 5th Apr 2025: 20.62%

Zambia, like Ukraine and Sri Lanka, received an SD rating from the S&P after it failed to meet the foreign currency debt obligation of $42.5 million Eurobond payment in 2020. S&P maintained the SD score after the country could not meet its commercial debt payments in May 2024 and has continued. Zambia’s 20.62% yield is ranked highest among the countries in Africa, and the SD rating provided by the S&P does not help it in any way. With one of the highest inflation rates (15%) in Africa, coupled with the negative GDP growth (-1.2% YOY) in 2024, Zambia has been in the midst of a financial and economic crisis due to severe drought affecting two of its biggest industries (Hydropower and copper production).