Mozambique's controversially generous restructuring of its Eurobond issue, stemming from illicit government loans made to set up a tuna fishing fleet, looks like proceeding despite failing to get approvals domestically. A group of bondholders speaking for 68% of the US$727m 10.5% of 2023 notes by value said they would back the country's formal restructuring offer, which barely gives them a haircut at all, despite facing the potential legal threat that the notes could be voided at a later date.
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