Mozambique Bonds Rally as Investors Cheer Tilt Toward IMF

Mozambique bonds were among top performers in emerging markets after the country’s president said he expects to secure a new International Monetary Fund funding program early next year.

Yields on the $900 million bond due in 2031 fell as much as 24 basis points to 12.5%, reaching the lowest since Nov. 18. The premium on Mozambique’s bonds over US Treasuries narrowed to 1,009 basis points, according to indicative quotes from JPMorgan Chase & Co indexes from Tuesday.