Zambia and Creditors to Restart Bond Restructuring Negotiations
Foreign investors are set to restart talks with Zambia officials on a deal to restructure $3 billion of global bonds, marking a potential turning point in the African nation’s years-long effort to lift itself out of default, according to people familiar with the matter. The sides are trying to reach a deal before next month’s International Monetary Fund meetings in Washington, D.C., but an agreement may come within days, one of the people said. Zambia’s dollar bonds due in 2027 have gained about 10 cents since the start of the year to trade around 71 cents on the dollar, according to indicative pricing compiled by Bloomberg. Zambia initially struck an agreement last year with the official group of government lenders that China and France co-chair to rework $6.3 billion in debt, and later reached a separate accord with holders of Eurobonds.
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