Zambia headed for default with bondholders set to reject deferral request

AdobeStock_Zambiacrisis_575x375_29Sept2020
By Mariam Meskin
05 Nov 2020

Zambia is headed for a default next week, as GlobalCapital understands the bondholder committee responsible for 40% of the sovereign Eurobonds will reject the deferral request in a vote next week.

The Zambia External Bondholder Committee, which was formed in June and in aggregate holds around 40% of Zambia’s Eurobonds, is set to reject the issuer’s consent solicitation request made in September.

The voting deadline had originally been scheduled for October 18, though sources said that has ...

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