Mozambique 2023 dollar bond rebounds 1.5 cents
LONDON Jan 17 (Reuters) - Mozambique's 2023 dollar-bond rebounded 1.5 cents on Tuesday, according to data from trading platform MarketAxess, recovering some of the ground lost a day earlier when the finance ministry warned it would not make a Jan. 18 coupon payment.
The 2023 bond was up 1.5 cents to trade at 58.8 cents in the dollar, according to MarketAxess, having lost 2 percent on Monday.
he yield premium paid by Mozambique sovereign bonds over U.S. Treasuries in the JP Morgan EMBI Global Diversified index also narrowed 131 basis points to 2,087, the lowest level this year.
The southern African nation, whose total foreign obligations are roughly equivalent to its GDP, said its financial difficulties made its ability to repay debt this year "extremely limited".
The Emerging Market Trade Association (EMTA) recommended that market players trade the 2023 bond at the centre of the problems on the assumption that they will not receive any coupon payment. (Reporting by Claire Milhench and Marc Jones)
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