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Zambian debt sale offers 9.375% yields

Zambia raised $1.25 billion from investors in debt sale last week. The bonds, for which investors paled orders in excess of $2.5 billion, mature in July 2025, July 2026 and July 2027 and offer investors a yield of 9.375%. Ratings agencies Standard & Poor’s and Fitch had both recently expressed concerns over the country’s finances, warning of its challenges to fund a growing budget gap.

Read more at the Wall Street Journal…

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