Mozambique can’t pay ‘hidden debts’ in full, IMF says
Mozambique’s debt sustainability will depend on successfully restructuring or walking away from the ‘hidden debts’, the IMF said today in its latest update on the country’s economy
Browsing: sovereign bond
Mozambique completes bond restructure as corruption allegations worsen
The restructure of Mozambique’s sovereign bond concluded today — just days after allegations emerged that Mozambique’s ruling party, Frelimo, received $10 million from Privinvest, the company which received the ‘hidden debts’ proceeds that Mozambique is now struggling to repay.
Tomorrow, [...]
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Mozambique calls on creditors to accept eurobond restructure by 6 September
Participating creditors will be required to confirm ‘bona fides’ with respect to ProIndicus, EMATUM and MAM transactions
The Mozambique finance ministry today launched its formal call for investors in its dollar-denominated sovereign bond to accept the
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Mozambique in Eurobond dilemma after ‘binding’ ruling voids EMATUM deal
Mozambique’s government says it is seeking legal advice on the implications of restructuring a sovereign Eurobond that it sold in 2016 to refinance a loan for tuna fishing and offshore security company EMATUM, after the Constitutional Council ruled the [...]
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Gas hook taken out of Mozambique tuna bond
Mozambique has reached a new restructure agreement with the holders of the majority its sovereign bond — bringing forward the amortisation date by two years and paying higher interest rates than the two sides agreed last November, but eliminating a [...]
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Mozambique restructures one, rejects another ‘criminally’ guaranteed loan
The Mozambique government will refuse to honour the ProIndicus loan, as it was “criminally-obtained” - but is close to restructuring the MAM loan guaranteed under similar circumstances.
Details provided in the [...]
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Chang indictment will affect creditor negotiations, says Mozambique PM
A criminal indictment in the US over Mozambique’s $2.2 billion hidden debt scandal will affect negotiations between the Mozambican government and the holders of the loans that financed the deals, Prime Minister Carlos Agostinho do Rosário said yesterday.
The [...]
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Mozambique finance ministry projections assume Exxon project will fail
Mozambique should only pay sovereign bondholders $369 million of a potential $500m gas-linked bonus, the country’s finance minister told parliament last week - but his calculations only make sense if ExxonMobil’s planned LNG project does not go [...]
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$2.4bn ‘price of credibility’ for Mozambique, but economists warn of more instability
Mozambique’s total repayment for the $850 million borrowed by tuna fishing company EMATUM could top $2.4 billion, under a new restructure proposal revealed by the government this week.
Annual payments would be between $36-40 million for the first five years - and would remain below $60m [...]
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Mozambique to share gas revenues with bondholders in restructure deal
Mozambique has reached a restructure agreement for its $726.5m sovereign bond with a group of creditors, offering to repay all of the principal, most of the interest, and give a gas-linked bonus of up to $500 million.
Agreement has already been [...]
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