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Bond Market News
Zambia Signs Restructuring Deal with Chinese Lenders
October 14, 2025
Zambia has reached key debt-restructuring deals with several lenders, including China’s Export–Import Bank, its biggest creditor owed over $4bn. These agreements are part of a broader effort to restructure $12.8bn in debt after Zambia’s 2020 default. So far, the government has struck arrangements with 94% of its creditors. It has budgeted ZMW 21.7bn ($953mn) for debt payments next year, up from ZMW 16.7bn ($733mn) in 2025. Although ratings agencies still list Zambia as in default, investor confidence is improving. Zambia’s currency, the kwacha (ZMV) ranks among the top three performing currencies globally this year (+17% vs. the USD in the past year).
Its 5.75% 2033s traded stable at 95.2, yielding 6.55%
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