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...The bonds currently trade at highly distressed levels of about 25 to 30 cents per dollar of original face value....
...Ukraine’s bonds are trading at about 25-30 cents on the dollar. The Ukrenergo bond has risen from 18 cents on the dollar a year ago to about 36 cents....
...Prices on Zambia’s defaulted dollar bonds rose on Monday to about 74 cents on the dollar, after rallying since the start of the year on revived hopes for a deal....
...Some private creditors, particularly African banks, owning a portion of the defaulted bonds also had reservations about current terms for replacing their debt, the government said....
...But they could in theory buy bonds denominated in SDRs....
...syndicated bank loans while the bond markets were shut....
...Demand for short-term bonds issued by Egypt at double-digit interest rates has surged since last month’s financial rescue, and a large devaluation in Egypt’s pound, staved off a debt crisis that only weeks...
...Zambia has reached a revised deal to restructure nearly $4bn in US dollar bonds, moving the bankrupt southern Africa nation closer to exiting a years-long default after months of tension between China and...
...The buyback’s size will be determined by demand for the new bonds....
...It’s super easy to scratch out New York governing law from a bond contract and write in Texas....
...Venezuelan bonds rallied in response, with prices up 3.5 cents, to about 21 cents on the dollar on Thursday afternoon. PDVSA bonds maturing in 2026 went up by 2.5 cents to 11 cents....
...The world’s biggest cocoa producer plans to issue a nine-year US dollar sustainability bond, where proceeds are usually earmarked for social projects, and a conventional 13-year bond, according to an offering...
...The blue line is the yield on a constant maturity 10-year US Treasury bond. The trend of the factor average is clear, as is the curious relationship between factor returns and Treasury yields....
...But progress was wrecked when China, the single biggest creditor, objected to a deal with private investors involving about $4bn in US dollar bond claims — making Beijing’s signing of a deal now more significant...
...Despite the worries, prices of defaulted Sri Lankan bonds have rallied in recent months on expectations that a debt agreement will finally be reached this year....
...after Zambian officials held talks with China last month to discuss why the country’s biggest creditor objected to a proposed deal between Lusaka and bondholders to restructure about $4bn in US dollar bond...
...Anything higher than that just isn’t going to get done,” one bond fund manager said. Kenya’s $2bn bond maturing in June will be seen as a litmus test this year....
...Zambia, for example, has spent years working towards a deal to restructure its debt, as former Alphavillain Joseph Cotterill covered for MainFT....
...Zambia’s quest to restructure its debt is in tatters after official creditors, led by China, forced the copper-rich African nation to suspend a deal of almost $4bn in dollar bonds....
...The deal will reduce the face value of the bonds by 18 per cent....
...However, a $2bn restructured bond that is not part of this potential uplift would receive $500mn of payments in 2024 and 2025 regardless of whether Zambia met the later targets....
...Patel’s characterisation of the seizure could reignite concerns about corruption in Mozambique, one of the world’s poorest countries, which is still haunted by its $2bn “tuna bond” fraud scandal of the past...
...Mozambique will pursue around $1.5bn in damages at a trial next month over the $2bn ‘tuna bond’ alleged fraud that wrecked the southern African nation’s finances in the past decade, after the UK’s highest...
...Additional reporting by Joseph Cotterill...
...Joseph Sissens was on sizzling form, chaining turns at warp speed, and young Marco Masciari — winner of the 2020 Prix de Lausanne — was vivid and touching as Dante Jr....
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