Unresolved Afreximbank preferred‑creditor dispute keeps Zambia’s restructured Eurobonds exposed

As of 6 August 2026 Zambia still faces unresolved preferred‑creditor disputes with Afreximbank and the Trade and Development Bank over treatment of certain loans; a proposed third‑party transfer of a $45 million Afreximbank claim was reported on 28 October 2025 but Afreximbank’s consent remained unconfirmed.

Unsettled creditor ranking raises execution risk for Zambia’s restructured debt: if African multilaterals secure privileged status, future restructurings could impose higher funding costs or narrower investor recoveries, reducing secondary‑market liquidity and leaving restructured Eurobond spreads vulnerable until creditor coordination and any transfer/consent are finalised. This does not assert a specific price move.

Afreximbank’s formal consent to the third‑party transfer or a Paris Club comparability ruling on Afreximbank’s status.