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2026-05-29 22:01:23
[Zambia Launches Bond Buyback Offer to Pave the Way for Return to International Bond Market] ⑴ Zambia announced a tender offer for a series of bonds, a move aimed at managing its debt structure and paving the way for its return to the international bond market. The country invited holders of fixed-rate, incrementally amortized notes maturing in 2053 to submit bids on Friday. ⑵ The notes have a total principal amount of US$1.364 billion, with a purchase price of US$740 per US$1,000 notional amount, plus a US$40 early bidding fee. The deadline for early participation is 5 p.m. New York time on June 5. ⑶ Zambia plans to finance the buyback through a projected US$600 million loan from the African Development Bank and its own resources. The notes are part of Zambia's 2024 debt restructuring process, which will reduce total debt by US$900 million and extend repayment periods by June 2024, based on a US$13.4 billion debt restructuring. (4) The Zambian government had previously received investor approval to issue two new euro bonds to replace three outstanding bonds issued before the restructuring agreement was signed. Zambia stated that the offer would simplify the debt stock and proactively manage the overall debt maturity structure, thereby paving the way for a future return to the international capital market.
