Zambia completes refinancing of its second Eurobond, lowering annual debt service
On June 11, 2026 Zambia completed a refinancing of its second Eurobond (buying out the more expensive ‘Eurobond B’), which the government says reduces annual external debt service from about $2.3 billion to $900 million—freeing roughly $1.4 billion a year for development spending.
The desk brief
On June 11, 2026 Zambia completed a refinancing of its second Eurobond (buying out the more expensive ‘Eurobond B’), which the government says reduces annual external debt service from about $2.3 billion to $900 million—freeing roughly $1.4 billion a year for development spending.
The completed refinancing should ease near-term rollover pressure on Zambia's external curve, particularly the front and belly maturities associated with the refinanced instrument. Any relative spread compression versus high-beta peers will depend on global USD rates, investor risk appetite and follow-through on fiscal and reform commitments; actual secondary-market repricing is not implied by the refinancing alone.
Watch for publication of final transaction documentation, secondary-market trading volumes/price discovery and any rating-agency commentary.
Sources & verification
Developing storyFurther independent confirmation is required.
- Zambia Refinances Second Eurobond, Cuts Debt Costs — Open Zambiaopenzambia.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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