Yields on $850 million of Eurobonds issued by Mozambique’s state-owned tuna-fishing company, known as Ematum, have soared to a record ahead of the next coupon payment, due on March 11. The yield climbed to 13.54 percent on Tuesday, and is up 237 basis points this year, compared with a 29-point rise to 7.31 percent for average yields of high-yield emerging-market sovereign debt tracked by Bloomberg indexes. Investors are awaiting a restructuring proposal from the south-east African nation’s government, which wants to cut annual interest payments as a slump in commodity prices batters its economy.
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