Tag: Eurobonds
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Zambia’s Default Sparks Renewed Concerns Over High Levels of Chinese Debt in Some African Countries
Zambia's default over the weekend on a portion of its Eurobond debt prompted renewed concerns about the lack of transparency in Chinese lending and whether weak governance systems in a number of African countries are up to the challenge of managing the burgeoning financial crisis.
China Exim Bank Defers Zambian Loan While Lusaka and Bondholders Go At Each Other Following Debt Default
The Zambian finance ministry announced that it has reached a deal with the China Exim Bank to defer the repayment of loans totaling $110 million that were scheduled to come due through the end of 2021. ...
With China on Their Minds, Zambia’s Bondholders Reject Appeal for Repayment Extension
Zambia on Saturday became the first African country this year to default on a portion of its debt after a coalition of bondholders refused the government's request for a 6-month repayment holiday. The government said it cannot pay the $42.5 million ...
Analysts Differ on What Happened in Zambia and China’s Role in the Burgeoning Debt Crisis
The refusal by a coalition of Zambia's bondholders to provide the government with a 6-month repayment holiday on $3 billion of Eurobond notes followed by the subsequent default on those debts, sparked a considerable reaction in Africa and internationally -- but none among Chinese stakeholders.
Letter to the Editor: The Zambian Debt Crisis as Seen by a “Concerned Citizen”
Hi Eric and Cobus, Being a Zambian living in Zambia, I've observed with interest your coverage of the looming credit default by Zambia on its debt repayments to bondholders. You've mostly looked at it in the context of the COVID-19 induced ...
What Happens if Zambia Defaults on Its Debt To China and Other Lenders?
BBC Africa journalist Jameisha Prescod produced a short, five-minute explainer on what Zambia can expect next, following its announcement that it would be unable to meet a Saturday repayment deadline on $3 billion of Eurobond notes owed to private investors. Prescod ...
What Did We Learn From Zambia’s Eurobond Default?
As expected for months, Zambia now has the dubious distinction of being the first African country this year to default on a portion of its debt. While many have framed Zambia's failures as a consequence of the ongoing COVID-19 pandemic, many analysts have pointed ...
Critical Zambian Bondholder Vote to Take Place Today
A coalition of Zambian bondholders is expected to cast their votes today (Wednesday) to decide on whether or not to grant the government a six-month repayment holiday on $3 billion of Eurobond notes, according to sources quoted by Bloomberg. Results are scheduled to ...
Reuters: Zambia Claims It’s Shared Chinese Loan Details With Bondholders, But Investors Say They’re Still in the Dark
The Zambian government, according to Reuters, says it's doing "everything possible" to avoid defaulting on billions of dollars of Eurobonds, including acceding to investor demands that it reveal the extent of its Chinese loan portfolio. “We’ve given all the information that needs to ...
18 Days and Counting Until Zambia’s D-Day (aka Debt Day)
In less than three weeks, a group of Zambian bondholders, mostly in New York and London, will reconvene to vote on whether or not to approve Lusaka's request for a six-month repayment holiday on about $3 billion of Eurobond notes that are coming due. ...
Zambia Gets an Unexpected Reprieve From Bondholders, But Serious Concerns About the Country’s Debts to China Persist
Zambia's private creditors gave the embattled country an additional three weeks to come up with a plan on how to resolve its burgeoning debt crisis. A group of bondholders would have voted yesterday on whether to accept the finance ministry's request for a 6-month repayment ...
Zambian Bondholders Expected to Reject Government’s Request for Repayment Delay
A group of Zambian bondholders is scheduled to meet on Tuesday and is widely expected to vote against the government's request for a six-month repayment holiday on $3 billion of Eurobonds. If that is in fact what happens, then it would likely prompt the government to default ...