Zambia Eurobonds Extend Losses as Country Flags Restructure
- Asks for proposals on reorganizing $11.2 billion of debt
- Yields on Zambian Eurobonds have soared to distressed levels
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Zambia’s Eurobonds extended losses on Wednesday and its currency tumbled to a record low after Africa’s second-biggest copper producer asked banks for proposals on reorganizing as much as $11.2 billion of foreign debt.
The country “intends to implement a liability management of its external debt portfolio to lengthen maturity and enhance its capacity to meet debt-service obligations,” the finance ministry said in a request for proposals sent to lenders, seen by Bloomberg and verified by two of the recipients.