Reuters exclusively revealed that an informal group of international bondholders has proposed to Ethiopia’s government to extend the maturity of the country’s $1 billion eurobond issue coming due in 2024. The sources said the proposal to extend the eurobond maturity foresees a coupon of 6.625% – the same as the current one on what was originally a 10-year bond, which is the country’s only outstanding international note. The next coupon payment on the 2024 bond is due in June, with the issue trading at around 68 cents to the dollar and yielding more than 30%, according to Refinitiv data. It has a long-term rating of CCC- from Fitch Ratings, which means it is a substantial credit risk with a real possibility of default.
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