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Zambian Debt in Record Demand With Investors Betting on Recovery

  • New finance minister Musokotwane needs to secure an IMF deal
  • Zambia faces restructuring talks with complex set of creditors
Hakainde Hichilema

Hakainde Hichilema

Photographer: Patrick Meinhardt/AFP/Getty Images

Zambia attracted bids for more than eight times the amount of domestic-currency bonds offered at the latest auction, with yields plunging as investors bet on an economic recovery under new President Hakainde Hichilema.

The central bank raised 2.5 billion kwacha ($157 million) at a sale on Friday, having received bids for a record 12.5 billion kwacha. Yields fell across the curve, with those on the five-year notes dropping almost 8 percentage points to 25%.