Zambia Lifts Foreign Bond Cap Ahead of $1 Billion Debt Wall

Zambia has more than quadrupled the cap on local-currency bonds that foreign investors can buy, a move that may reduce rollover risk as about $1.16 billion in debt payments fall due this year.

The central bank increased the cap on non-resident participation in the planned annual issuance of government securities to 23%, it said in a notice to commercial lenders seen by Bloomberg and which it confirmed. The prior limit was 5%.