Mozambique has overtaken Venezuela as the world’s riskiest issuer of dollar-denominated bonds. The southern African country told investors on Oct. 24 it needed to restructure its commercial debt, sending yields on its 2023 Eurobonds soaring about 900 basis points to 24.5 percent. Holders of the securities have lost 24 cents in the dollar.

Mozambique has overtaken Venezuela as the world’s riskiest issuer of dollar-denominated bonds. The southern African country told investors on Oct. 24 it needed to restructure its commercial debt, sending yields on its 2023 Eurobonds soaring about 900 basis points to 24.5 percent. Holders of the securities have lost 24 cents in the dollar.