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Africa

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  • Resolution to Mozambique’s latest debt problem is likely days away as a representative from the country's finance ministry confirmed that the government is in close negotiations with VTB Bank over a missed loan repayment.
  • Ghana Cocoa Board (Cocobod) will complete senior syndication of its $1.8bn annual loan and launch the general phase next week, according to a lead banker.
  • Mozambique has not defaulted on its loan obligations as it has not received a notification from VTB that Mozambique Asset Management has missed a repayment on state guaranteed debt, the Ministry of Finance told GlobalCapital on Friday.
  • Brent and WTI oil futures have risen to above $50 for the first time since November and July respectively, amid bullish short term positioning by aggressive managers and supportive supply data this week. But while traders called this a ‘psychological’ level for the commodity, physical markets are still sounding a note of caution.
  • Reports that Mozambique will not honour a $178m loan interest repayment on Mozambique Asset Management debt due next week have prompted a further fall in Mozambique’s sovereign bond trading.
  • Afreximbank printed a bond of superlatives on Tuesday, achieving its biggest ever book and largest trade. But bankers on and off the deal debated whether the African supranational priced the note flat to or inside its curve.