Two years after Zambia’s 11 June 2024 eurobond exchange, key clauses remain unresolved
The June 11, 2024 eurobond exchange completed the swap, but as of mid-2026 key frictions remain: preferred-creditor disputes with Afreximbank and the Trade and Development Bank are unresolved, and the state-contingent trigger on the long Bond B had not fired while a 2026 cash tender retired about 98% of that line.
The desk brief
The June 11, 2024 eurobond exchange completed the swap, but as of mid-2026 key frictions remain: preferred-creditor disputes with Afreximbank and the Trade and Development Bank are unresolved, and the state-contingent trigger on the long Bond B had not fired while a 2026 cash tender retired about 98% of that line.
Because Bond B’s coupon and maturity depend on an IMF-linked trigger and most of it was bought back in a 2026 tender, investor valuation remains split between base-case and upside scenarios. Unresolved preferred‑creditor claims with Afreximbank and TDB keep Zambia’s dollar bonds carrying a recovery/liquidity premium versus sovereigns with clearer IMF frameworks, and will affect future borrowing costs.
IMF composite-indicator reviews through end-2028 (which can fire Bond B’s trigger) and the legal outcome of Afreximbank/TDB creditor disputes.
Sources & verification
Developing storyFurther independent confirmation is required.
- Zambian Eurobonds, explainedafricaneurobonds.comSource published (opens in a new tab)
- Zambia’s Debt Restructuring, Two Years On: What Changed for Bondholderszambianeconomist.comSource published (opens in a new tab)
Public references supporting this brief.
Price Discovery
Zambia sovereign curve
Latest server-calculated mid yield by maturity. Points are observed Price Discovery levels, not an interpolated valuation curve.
- Zambin 33Jun 203396.1886.460%
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