The study analyses the dynamics of public debt composition in SADC. Following years of external debt explosion in the 1980s, countries restructured public debt in the 1990s after adopting the HIPC programme. Using a combination of analytical narratives approach and pattern models, the study found that since the adoption of HIPC in 1996, some SADC countries shifted from external to domestic debt and had relatively low debt ratios as compared to crisis period. However, a puzzle has been observed, even though debt is low; the region has higher debt service under low debt regime as compared to high debt period. Middle income countries are accumulating expensive private debt. Countries that traditionally relied on domestic and private external debt have relatively stable growth rates as compared to those that have shifted from external to domestic debt. The study recommends that countries should ensure a well-diversified debt portfolio composition over time.