Moody’s Ratings said Senegal’s bid to revamp billions of dollars of debt will probably constitute a default under its methodology, even as Africa’s most distressed sovereign issuer continues to make scheduled payments.

Most emerging-market currencies advanced Monday after Iran’s supreme leader authorized the government to hold peace talks, easing concerns over the conflict in the Middle East and stoking a slump in oil prices.

Moody’s Ratings warned that bondholders could face wider-than-expected losses as Senegal seeks to rework billions of dollars of external debt, as it downgraded the West African nation’s credit rating.

Uganda’s finance minister said the nation is committed to seeing through the latest currency volatility fueled by a combination of temporary shocks and deeper structural vulnerabilities.

Uganda’s shilling sank to a fresh low against the dollar even after the central bank tapped its reserves for the second time in a week to prop up the currency, defying a directive from President Yoweri Museveni not to use the country’s buffers for that purpose.

Uganda’s shilling has erased all its gains and plunged to a record low days after a jumbo central bank rate hike and dollar sales to smoothen out currency volatility.

Cameroon is getting hammered by bond investors after a credit downgrade. Having a nonagenarian leader with no public succession plan doesn’t help.

Senegal’s dollar bonds suffered their biggest drop since early September after opposition leader Ousmane Sonko threatened to block a revised 2026 budget and the government’s spending plan for next year.

African companies’ hard-currency bond sales are running at the fastest pace in five years, according to Bank of America Corp, which predicts issuance will remain robust over the coming years.

Deutsche Bank AG is betting the Nigerian naira will strengthen against the US dollar as it adds the West African nation to its frontier foreign exchange monitor, a tool it uses to watch currencies in smaller, less liquid markets.

Cameroon’s dollar-bond yields climbed for a fourth trading session after Fitch Ratings downgraded the sovereign, citing heightened political risks and mounting financing pressures in Central Africa’s biggest economy.

Uganda’s shilling extended gains for a second day Thursday after the central bank delivered its biggest interest-rate increase since 2011 and was suspected of selling dollars.

Uganda’s shilling flipped from laggard to best performer in the world on Wednesday after the central bank raised its benchmark interest rate by the most in 15 years at an emergency meeting to defend the currency, after it fell to a record low.

Allan Gray Ltd., which oversees $29 billion in assets, sees Nigeria’s stock rally as more broad-based than South Korea’s, offering investors a diversification play from the artificial-intelligence frenzy that has swept markets from Wall Street to Asia.

Uganda’s shilling slid to a new 33-year low on Tuesday, as foreign investors sold local bonds and authorities held back from supporting the currency.

Zimbabwean President Emmerson Mnangagwa appointed a tycoon sanctioned by the US and UK for alleged corruption to his cabinet.

Emerging-market stocks and currencies closed lower on Wednesday, halting their weekly advance, after a flare-up of attacks in the Strait of Hormuz pushed oil prices and the dollar higher.

Emerging-market assets extended gains on Tuesday as a combination of lower US bond yields, a weaker dollar and steady oil prices provided some relief to global markets.

The Zambian kwacha fell as much as 6% on Tuesday, its biggest daily drop in more than three years, as corporate demand for dollars weighed on this year’s top-performing African currency.

Uganda’s shilling weakened to its lowest level on record against the dollar as demand for the greenback from offshore investors and importers put renewed pressure on the local currency.