by Amruth Sundarkumar | Feb 3, 2023 | Sovereign Bonds, Sovereigns
Sri Lanka has obtained the backing of the Paris Club helping clear a hurdle to unlock a $2.9bn bailout from the IMF, as per Bloomberg sources. The IMF is recently said to have received the assurance from the Paris Club that primarily comprises wealthy, western...
by Amruth Sundarkumar | Jan 31, 2023 | Sovereign Bonds, Sovereigns
Dollar bonds of Nigeria dropped by as much as 2.5 points across the curve. This comes after the sovereign was downgraded to Caa1 from B3 by Moody’s primarily on the back of expectations that the “government’s fiscal and debt position will continue to...
by Amruth Sundarkumar | Jan 30, 2023 | Sovereign Bonds, Sovereigns
Nigeria was downgraded to Caa1 from B3 by Moody’s primarily on the back of expectations that the “government’s fiscal and debt position will continue to deteriorate”. The government’s 2023 budget plans on an even larger fiscal deficit...
by Amruth Sundarkumar | Jan 27, 2023 | Sovereign Bonds, Sovereigns
Argentina’s planned $1bn bond buyback that was announced last week, would be tantamount to a “distressed exchange and hence a default” as per note by rating agency Moody’s. It noted that Argentina’s buyback would “at the cost of...
by Amruth Sundarkumar | Jan 27, 2023 | Sovereign Bonds, Sovereigns
Ghana’s plan to suspend debt repayments on its eurobonds, commercial term loans and most of its bilateral debt is a “potential repudiation or moratorium”, as per the Credit Derivatives Determinations Committee (CDDC). However, the committee said that the...
by Amruth Sundarkumar | Jan 25, 2023 | Sovereign Bonds, Sovereigns
Ghana’s terms of restructuring for its local bonds is said to be favoring domestic creditors over its offshore creditors. Ghana commercial banks agreed to the government’s proposal of a 5% coupon payment in a domestic debt swap program and also agreed on a...
