Over 100 economists urged private creditors, including BlackRock, to cancel Zambia debt
On 16–17 September 2022 an open letter signed by over 100 economists and development experts called on private creditors — naming BlackRock among them — to cancel or take large haircuts on Zambia’s debt to make restructuring sustainable, increasing uncertainty about recovery rates for Zambia’s eurobonds.
The desk brief
On 16–17 September 2022 an open letter signed by over 100 economists and development experts called on private creditors — naming BlackRock among them — to cancel or take large haircuts on Zambia’s debt to make restructuring sustainable, increasing uncertainty about recovery rates for Zambia’s eurobonds.
The public call for cancellation increases headline political and recovery-rate uncertainty for holders of Zambia’s USD eurobonds, particularly long-dated maturities that rely on negotiated haircuts. Until private creditor positions or official negotiating stances are clarified, markets may price higher refinancing premia and a wider range of possible recoveries even without immediate cash-flow changes for the sovereign.
Private creditor committee statements, IMF negotiation updates, or creditor agreement on haircut size.
Sources & verification
Developing storyFurther independent confirmation is required.
- Economists Urge Lenders To Cancel Zambia's Debt — Open Zambiaopenzambia.comSource published (opens in a new tab)
- Lenders urged to cancel Zambia debt as country faces economic collapseafrica-press.netSource published (opens in a new tab)
Public references supporting this brief.
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- Zambin 33Jun 203397.1256.286%
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