Absolute power isn’t usually good for one’s sovereign credit rating: just ask Robert Mugabe.
But in a continent with more than its share of countries with shaky credit, it’s Belarus, led by dictator Alexander Lukashenko, that has seen demand for its sovereign bonds soar in recent months, according to a report in Bloomberg. “The bonds have climbed at twice the pace of Russia’s since February. And Ashmore Group Plc, which owned Belarus Eurobonds as of the end of September, says the rally has further to go,” the report reads.
Though the Belarusian economy, like it’s neighbor Russia, has been hit hard by the recent decline in oil prices, Lukashenko has deftly managed the geopolitical situation in the region to his advantage. According to Bloomberg:
That money has helped shore up Belarusian finances, and the bond market loves it.