Zambia completes $1.36bn buyback of 2053 eurobond, backed by $600m AfDB facility

On or before 10 June 2026 Zambia secured sufficient investor participation to complete a cash tender for its US$1,364,725,564 fixed-rate step-up amortising bond due 2053, an operation financed partly by a US$600 million African Development Bank facility and government resources.

Removing up to $1.36bn of long-dated USD sovereign debt cuts outstanding secondary supply in the longest part of Zambia's curve and replaces market-priced bonds with concessional AfDB financing. That mechanically reduces the stock of late-dated paper and, conditional on AfDB disbursement and tender acceptance, could lower future refinancing premia and shorten the country’s maturity profile, supporting Zambia’s external debt dynamics.

Confirm AfDB facility disbursement timetable and the government’s plan to redirect estimated savings (reported ~$275m) into the National Grid Resilience Program.