Bond drops on non-pay­ment

The Star Early Edition - - INTERNATIONAL -

MOZAM­BIQUE’S 2023 dol­lar­de­nom­i­nated bond fell more than 2 US cents (R0.27) yes­ter­day, ac­cord­ing to trad­ing plat­form Mar­ketAxess, af­ter the fi­nance min­istry said it would not make a coupon pay­ment to bond­hold­ers due to­mor­row. The 2023 bond fell 2.02c to 57c in the dol­lar, said Mar­ketAxess. The coun­try, with to­tal for­eign obli­ga­tions roughly equiv­a­lent to its gross do­mes­tic prod­uct, said its fi­nan­cial dif­fi­cul­ties made its abil­ity to re­pay debt this year “ex­tremely lim­ited”. – Reuters

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