
Sub-Saharan Africa


South Africa’s SOE restructuring outlook and lessons learnt for Eskom
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Business rescue process proves problematic for South Africa’s state-owned entities
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Cameroon readies IMF discussions amid strained debt metrics – Africa Weekly Comment
The Government of Cameroon’s debt metrics have come to the fore as it gears up to negotiate a new IMF-funded programme, market participants said.
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Angola comfortable at current oil prices after negotiating USD 6.2bn debt-service savings – Finance Ministry official
Angola’s Eurobonds have been one of the most volatile since the advent of the coronavirus crisis. The oil exporter has been dealt a crushing three-way blow by the COVID-19 pandemic, as economic and health crises exacerbate the revenue loss from lower crude prices.
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Zambia debt plans scrutinised following investor call
Zambia’s government came under intense scrutiny this week as investors continued to push for clarity on the country’s growing debt stack during a call held on Wednesday (29 May).
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Mozambique's unfolding drama keeps investors on the sidelines, IMF visits Maputo
Mozambique continues at the heart of a dramatic debt scandal which has left investors in wait-and-see mode, according to five market participants polled by Debtwire. The government's USD 727m 10.5% 2023 bonds have scarcely traded since January despite many enquiries, said a trader.
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Zimbabwe was in the hot seat this week as rioters took to the streets of Harare and Bulawayo to protest the government’s latest fuel price hikes. The violent police crackdown that ensued, with reports of up to eight deaths, will compromise a government intent on clearing billions of US dollars in arrears and end decades of financial isolation, said market participants.
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As Ghana exits IMF support, Finance Minister Ken Ofori-Atta is talking up the prospects for the West-African nation harbouring grandiose ambitions for boosting infrastructure. A recent rebasing of its GDP saw its economy grow 30%, reducing its debt metrics to purportedly sustainable levels, but the latest expansionary budget received a thumbs down from investors, with its 2049 USD bond yields hitting double digits, potentially thwarting its issuance plans.
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Mozambique bond restructuring proposal seen as step forward but implementation questions remain
The Government of Mozambique’s proposal to restructure its 10.5% 2023 sovereign bonds, submitted today (6 November), is an important step toward reaching a final agreement, according to four market participants. However, questions remain regarding the timeline for implementation, the possibility holdout creditors may drag their feet, and the likely net present value (NPV) recovery rate.
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With Mozambique defaulting on it's external debt, including its 2023 Eurobond, we took a look at what could lay ahead for sovereign potential restructuring at the inaugural Portugal Breakfast Briefing in Lisbon.
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Podcast: Cleary Gottlieb’s Lee C. Buchheit on the role of guarantees when restructuring sovereign debt
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Report launch: Themes to watch in European restructuring in 2018
Debtwire launched the 14th edition of the European Distressed Debt Market Outlook today (14 February), produced in association with Greenhill and Orrick.
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