• Date: 09-06-2026
  • Extracted Insight: S&P Global Ratings affirmed Zambia’s long‑ and short‑term sovereign credit ratings at CCC+ with a stable outlook following the government’s tender offer to repurchase its $1.36 billion 2053 Eurobond. The tender, announced on 29 May 2026 and amended on 4 June 2026, extended the early participation deadline to 9 June 2026 and added a $65 million incentive. The buyback price is set between 82.76 cents and 84.35 cents per dollar, inclusive of the early‑tender fee, which is below par but above prevailing market levels. Zambia will fund the redemption using a $600 million African Development Bank facility together with its own liquidity. The rating reflects challenging public finances but acknowledges improving fiscal performance, ongoing external debt restructuring (94 % of $13.34 bn external debt under restructuring, 60 % fully restructured as of 31 Dec 2025), and expected gains from higher copper prices and export volumes despite rising imported energy costs.
  • Relevance: Economic/Market-related
  • Potential Market Impact: Positive / Immediate/Short-Term