Tough times await defaulted Zambia
Zambia has become Africa’s first sovereign to default since the coronavirus started, after it failed to make payments on its Eurobonds. The heavily indebted country now faces a rocky path to debt restructuring, market sources said.
The 30 day grace period for Zambia's coupon payment of $42.5m on its 2024 Eurobonds ended on Friday, November 13.
The government was unable to make the payment, meaning it has defaulted, triggering a cross-default across its outstanding Eurobonds.The Zambia External Bondholder Committee, which was formed in June and ...