Marcus receives a lesson in sovereign bond trading from Jim Croft. Meanwhile, Zambia’s Finance Minister has appealed for an interest-payment holiday from holders of its $3 billion in Eurobonds. Croft, who participated in the call between the Finance minister and bondholders, tells Marcus the reaction of bondholders.
The ratings agency Fitch believes that its recent downgrade of Zambia’s rating could herald a series of sovereign defaults in sub-Saharan Africa. ‘’The share of African countries with government interest payments relative to revenue above 30% is now higher than before the debt-reduction initiatives at the start of the millennium, which saw low-income countries’ debt burdens forgiven by Paris Club creditors,'' Fitch has said
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