Ematum casts off original leads to tap 2020s

Ematum, a government agency of Mozambique, last week quietly tapped the $500m 6.305% 2020s it sold in September for a further $350m via VTB Capital, a bank not on the original note. Investors said the Russian bank swooped after offering Ematum a permanent EMBI-eligible size and greater distribution into the US, though the tap was anchored by a large London order.