Sub-Sahara Africa has witnessed one of the greatest years in bond issuance on the international market with nearly $15 billion sold by mostly government from the region, according to figures from Dealogic, and the region’s economic progress remains contingent on overseas investment.

Tanzania and Ethiopia are both believed to be making plans to debut on global capital markets in the near future, joining recent first-time borrowers such as Kenya, Rwanda and Ivory Coast.

Analyst say that the increase in issuance out of sub Saharan Africa reflects investors’ search for higher yielding assets as well as portfolio diversification.

Will this continue into 2015?

Megan McDonald, Global Head of Debt Primary Markets at Standard Bank, says the increased appetite for African bonds will sustain demand despite the gaping deterrence that the US Federal Reserve will raise interest rates next year causing volatility on international capital markets.

“We certainly see the trend of growing issuance to continue in 2015. There are potential headwinds in the form of the US Fed. It’s a question of when and not if US rates are going to rise and we expect that will have a temporary volatility to the international capital markets,” McDonald told eNCA in an televised interview.

She sees Africa’s issuances next year dominated by companies operating in the region rather than governments.

“But given that Africa still represent such a tiny percentage of the total global bond issuance we see a continued appetite from international investors for Eurobond issuance from Africa and we particularly expect to see a lot more corporates and financial institutions accessing the Eurobond market leading away from the traditional dominance of Sovereign sector in terms of Eurobond issuance from sub-Saharan Africa.”