Picking winners among Africa’s 53 sovereign bond issuers is no mean feat. And focusing past the noise of a continent that is, on the whole, sliding deeper into debt can seem daunting at first. But if you look carefully, you may find some surprising gems. 

It’s not for the faint-hearted:  take Zambia’s November 2020 default on $42.5m in bond repayments, which earned the dubious distinction of being Africa’s first Covid sovereign default...