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Bond Market News
Ethiopia’s Dollar Bond Surges as Bondholders Await Meet Post Missed Coupon
December 13, 2023
Ethiopia’s 6.625% dollar bond due December 2024 surged by almost 3.3 points, as bondholders await a meeting scheduled on Thursday by the country’s Ministry of Finance. The coupon on the bond, which was due on Monday, was not paid by the government as per the announcement over the weekend. The government has a 14-day grace period to make the coupon payment. According to Samir Gado, an analyst at StanChart Bank, “Concern about a potential default is being offset by optimism about the government’s proposals for restructuring the debt, which offers moderate upside on the bond from current levels”.
Its 6.625% 2024s bond currently trades at 64.1 cents on the dollar.
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