This archive report was first published on 27 August 2019.
On August 27, 2019, Mozambique's government took a crucial step towards easing its strained public finances by formally launching an exchange offer for its defaulted 2023 Eurobond.
As part of the offer, the government is seeking the consent of bondholders for a restructuring deal that would ease pressure on its finances. The deal, which was agreed upon in principle with the majority of the bondholders in May, aims to restructure the dollar-denominated bond that was at the centre of a hidden debt scandal.
According to the exchange offer, settlement of the restructuring is expected to occur on September 30, 2019, if the offer is approved by at least 75 percent of the bondholders.
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