Congo Leads Africa Bond Returns After Loan Agreements
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The Republic of Congo’s dollar bonds are best performers in Africa this year, yielding returns of more than 15%. The central African nation has agreed in principle on a debt-restructuring with China, a pre-condition for an International Monetary Fund bailout, and with commodities trading house Trafigura Group to reorganize millions of dollars in oil-for-cash loans. On the other side of the spectrum is Zambia, which has yet to start formal talks with the IMF and agree on better terms for Chinese loan repayments.